Oil prices dip as US weighs futures market intervention

Group 1 - Oil prices have decreased for the first time in nearly a week, with Brent crude futures slipping to $84.46 per barrel and WTI down to $79.93 per barrel [1] - The US is considering intervening in the futures market to address rising oil costs and has issued waivers to Indian refiners to purchase Russian crude oil [1][3] - Since the onset of the conflict in the Middle East, Brent crude has risen by more than 16% and WTI by more than 19% over four trading sessions [3] Group 2 - The military campaign against Iran, dubbed Operation Epic Fury, has led to significant volatility in oil prices and disrupted oil flows through the Strait of Hormuz, affecting about 20% of global oil supply [2] - Indian refiners have started acquiring millions of barrels of Russian crude, with crude futures jumping nearly 21% since the conflict began, resulting in a $0.27 increase in US gasoline prices over the past week [4] - Approximately 9.5 million barrels of Russian crude are positioned near Indian waters, which could provide relief for Indian refiners facing limited crude stocks [5]