Oil prices fell over 1% on Thursday due to concerns about the global economy and energy consumption, affecting market sentiment.

The Brent crude futures saw a 1.2% decline, while U.S. West Texas Intermediate crude futures saw a 1.4% decrease.

The rise in oil prices is attributed to the potential escalation of the Israel-Hamas conflict, with Iran and its regional allies involved.

The US and other nations are appealing to Israel to postpone a complete incursion into Gaza.

The US economy experienced its highest growth rate in almost two years, leading to increased anticipation of the Federal Reserve prolonging its high interest rates.

The Energy Information Administration reported a rise in oil stocks, while the European Central Bank (ECB) kept interest rates constant, indicating a continuation of stable policy in the future.