Brent Crude Declines Amid Ongoing Middle Eastern Conflict

Oil prices declined for a third consecutive trading session on September 18, with Brent crude poised to record its first weekly loss in three weeks. The drop comes as markets assess the conflict in the Middle East.

The Iranian naval force of the Islamic Revolutionary Guard Corps stated that a Togo-flagged oil tanker was targeted while attempting an 'illegal transit' through the Strait of Hormuz on September 17, according to Reuters.

The situation is set to be discussed at next week's United Nations General Assembly meetings, where an Iranian delegation will participate, as per the US State Department.

Markets await data from Baker Hughes later today regarding the number of oil and gas rigs in the US, which may impact domestic supplies.