Oil prices fell by more than $1 a barrel in early trading on Thursday as investors weighed the risks to global supplies and possible steps to ease shipping costs.
Brent crude futures dropped $1.39, or 1.31%, to $104.67 a barrel, while U.S. West Texas Intermediate crude fell $1.02, or 1.07%, to $94.07 by 01:16 GMT.
The decline followed a rise in prices during the previous session, when concerns about growing shipping disruptions in the Middle East pushed crude higher.
Reuters reported that the U.S. administration was considering allowing some ships previously sanctioned for transporting petroleum products from countries including Russia, Iran and Venezuela to continue carrying oil. The move could help ease high shipping costs and reduce pressure on global oil transportation.
