Oil prices fall $1 after touching three week high amid Middle East tensions

Oil prices fell by more than $1 in early trade on Thursday as investors weighed threats to shipping through the Strait of Hormuz against the possibility of the US easing sanctions on oil-carrying vessels.Brent crude dropped 1.30% to $104.70, shedding $1.38, while West Texas Intermediate (WTI) fell 1.07% to $94.07, a decline of $1.02.The decline followed a sharp rise in WTI in the previous session, when prices reached a three-week high. The rally came after the Houthis attacked Saudi Aramco's headquarters and Iran announced new tactics to target vessels passing through the Strait of Hormuz, with the stated aim of keeping oil prices high.The threat to maritime traffic remained elevated. Two vessels: a container ship and a dry bulk carrier, sank near the strait within 24 hours after separate projectile strikes, maritime officials said on Wednesday.Attacks in the surrounding waters have increased over the past 10 days.