Oil prices fall as Brent drops to $89 per barrel

Oil prices gave up some of their recent gains on Thursday as tankers continued to depart the Middle East, despite escalating tensions in the region and the expansion of the conflict between the United States and Iran beyond its main fronts.

Brent crude futures fell $1.29, or 1.42%, to $89.45 per barrel as of 01:10 GMT. US West Texas Intermediate crude dropped 56 cents, or 0.66%, to $83.90 per barrel.

Brent crude had surged 7.91% at Wednesday's close, while West Texas Intermediate rose 6.56%—marking one of the strongest rallies during the Iran conflict.