Oil prices fall amid uncertainty over strikes between the US and Iran
Oil prices edged lower on Thursday as investors assessed uncertainty over renewed military strikes between the United States and Iran, which could disrupt supplies from the Middle East. Brent futures at 00:29 GMT fell by 43 cents, or 0.45%, to $95.20 per barrel. US West Texas Intermediate crude lost 24 cents, or 0.26%, trading at $90.77 per barrel.
Market fluctuations
As Channel NewsAsia reports, citing Reuters, the latest exchange of strikes was the largest between the United States and Iran since July. According to the agency, the war is in its seventh month.
During the previous trading session, Brent and WTI prices swung from gains of up to $2 per barrel to a decline of $1. The intraday highs for both benchmark grades were the highest since July 24.
Situation in the Strait of Hormuz
IG analyst Tony Sycamore linked the pullback in prices to signs of easing tensions: since around noon Sydney time on Wednesday, there have been no new confirmed exchanges of fire. At the same time, he noted that this trend may not persist.
More current news is available on the UA.News Telegram channel Telegram.
US President Donald Trump said on Wednesday that the renewed US campaign against Iran would not last “too long.” According to him, US forces attacked Iranian radar and missile systems.
According to preliminary Kpler data, four commodity-carrying vessels passed through the Strait of Hormuz on Wednesday, below the average of around 13 vessels over the past 10 days. Iran also added more vessels to the list of those it considers non-compliant. They could face fines, confiscation, or detention if they attempt to pass through the strait.
In the United States, it was stated on Tuesday that 17 million barrels of oil passed through the Strait of Hormuz on Monday, the largest volume since the start of the US-Israeli war against Iran.
