Doha: Oil prices experienced a significant drop of over 1% on Thursday, influenced by rising tensions and recent developments in the region. Brent crude futures decreased by $1.03, equivalent to a 1.3% decline, settling at $76.99 per barrel. Similarly, West Texas Intermediate (WTI) crude futures fell by 88 cents, or 1.2%, reaching $72.64 per barrel.

According to Qatar News Agency, both Brent and WTI crude had previously reached their highest levels since June 22 on Wednesday. The decline followed a price increase of more than a dollar per barrel in post-settlement trading, which occurred after the United States announced new strikes targeting locations in Iran. The geopolitical developments have contributed to fluctuations in the oil market, impacting global prices.