Crude prices retreat as oil continues flowing through Hormuz alternatives

 Oil prices declined on Thursday after a significant rally the previous day. Crude oil continued to move out of the Middle East despite escalating conflict. Shipping activity indicated that oil supplies were still finding routes out of the region. Military actions intensified with US-Saudi strikes targeting Iran-backed forces in Iraq. Saudi Arabia is reportedly assembling a coalition to protect Red Sea shipping from Houthi attacks. Oil prices declined on Thursday after a significant rally the previous day. Crude oil continued to move out of the Middle East despite escalating conflict. Shipping activity indicated that oil supplies were still finding routes out of the region. Military actions intensified with US-Saudi strikes targeting Iran-backed forces in Iraq. Saudi Arabia is reportedly assembling a coalition to protect Red Sea shipping from Houthi attacks.