Brent crude futures fell 0.7 per cent to $87.24 a barrel in early trade, marking a fourth consecutive session of losses
Crude prices have risen more than 50 per cent this year as the six-month conflict between the US and Iran has disrupted shipments of crude oil and refined petroleum products from the Middle East
The assessment comes as energy markets contend with disruption around the Strait of Hormuz and the possibility of continued instability in the Red Sea
Both benchmarks had settled more than $1 higher on Tuesday, reaching their highest closing levels since July 31
Oil prices are now at their highest levels since the two countries signed a memorandum of understanding on June 17 aimed at ending the conflict
