FX.co ★ Oil Snaps Five-Session Rally

Crude oil retreated toward $94 per barrel on Thursday, likely reflecting a technical correction and profit-taking after five straight sessions of gains. At the same time, investors weighed reports that the US is considering easing sanctions on the so‑called shadow fleet of vessels that have been transporting oil and petroleum products from Russia, Iran and Venezuela, in an effort to cool record-high global freight rates.

Nonetheless, supply risks remained pronounced. A container ship sank in the Strait of Hormuz on Wednesday after being hit by unidentified projectiles, while Iran‑backed Houthi forces continued to launch missile and drone attacks across Saudi Arabia. Russia also accused Ukraine of striking two oil refineries on Wednesday, including the 400,000‑barrel‑per‑day Ryazan complex, in what Moscow said was a violation of an “energy ceasefire” announced by US President Donald Trump.