Brent Crude Falls $95.20 as US Strikes Hit Oil Supply

Oil prices have taken a hit after the US escalated strikes against Iran, stoking concerns over oil supply from the Middle East. On Thursday, Brent crude plummeted to $95.20 a barrel, while US WTI fell to $90.77.

The recent conflict updates triggered wild price swings this week as traders scrambled to react. Meanwhile, fewer vessels are moving through the Strait of Hormuz, with only four ships passing compared to an average of 13.

In another development, US crude inventories dropped by a significant 4.5 million barrels last week - the first dip since late July. Gasoline supplies also saw a decrease, highlighting the impact of global tensions on both shipping lanes and stockpiles.