Brent crude oil falls to around $104 per barrel

(1) Brent crude oil fell to around $104 per barrel on Thursday, as traders weighed heightened shipping risks in the Strait of Hormuz against concerns over weak global demand. (2) A Singapore-registered vessel sank in the strategic waterway, intensifying fears of a prolonged regional conflict. (3) Meanwhile, Houthi attacks on Saudi Arabia have further raised concerns about potential disruptions to exports. (4) The International Energy Agency has warned that tightness in the diesel market could persist until next year, while predicting a decrease of 2.6 million barrels per day in global oil consumption by 2026. (5) The agency also noted that onshore inventories have fallen to near their lowest levels in at least a decade. (6) The latest industry data shows that US crude oil inventories fell by 11.1 million barrels last week.