Oil dropped from a 14-month high

West Texas Intermediate crude dropped from a 14-month high after an official said Egypt’s Suez Canal is “secure” and ship traffic through the waterway is “normal,” even as violence escalated in Cairo.

WTI fell as much as 1.1 percent as Tarek Hassanein, a Suez Canal Authority spokesman, said that 55 ships are scheduled to pass through the channel. Prices topped $104 a barrel today as Egyptian security forces fought with supporters of ousted President Mohamed Mursi, leaving at least 50 dead. Egypt runs the canal and the Suez-Mediterranean Pipeline, through which Middle Eastern oil moves on its way to Europe.

WTI crude for August delivery declined 17 cents, or 0.2 percent, to $103.05 a barrel at 11:12 a.m. on the New York Mercantile Exchange. The volume of all futures traded was 25 percent more than the 100-day average. Earlier it rose to $104.12, the highest intraday level since May 3, 2012.

Brent oil for August settlement decreased 28 cents, or 0.3 percent, to $107.44 a barrel on the London-based ICE Futures Europe exchange. The volume for all contracts was 1 percent below the 100-day average. The European benchmark grade traded at a $4.39 premium to WTI, down from $4.50 on July 5.