Oil prices fell for the first time in six days

      Oil prices fell on Friday for the first time in six days, as the U.S. government considers intervening in the futures market to curb price increases and grants exemptions to Indian refiners to purchase Russian crude oil stranded at sea, aiming to ease supply constraints caused by the situation in the Middle East.

Brent crude futures fell by $1.14, or 1.33%, to $84.27 per barrel, while U.S. West Texas Intermediate (WTI) crude futures dropped by $1.46, or 1.8%, to $79.55 per barrel.

The United States took these steps to calm the sharp rise in prices, amid escalating regional tensions in the Middle East, which led to the suspension of oil tanker traffic through the Strait of Hormuz, the closure of refineries, reduced oil production, and the disruption of liquefied natural gas (LNG) terminals in the region.

Brent and West Texas Intermediate crude had risen by 18% and 21%, respectively, over the four trading sessions since the conflict began.

Earlier today, the U.S. Treasury Department announced a 30-day temporary waiver allowing Indian refineries to purchase Russian oil stranded at sea, in a move aimed at ensuring the continued flow of energy to the global market.