Commodities
Brent Crude Holds Above $100 Amid US-Iran Tensions
Oil prices eased on Thursday, but Brent crude remained above $100 a barrel as renewed US-Iran tensions increased concerns about supply disruptions.
The price of Brent crude futures fell by 0.7% to $100.50 a barrel by 0619 GMT, while West Texas Intermediate (WTI) crude futures declined 0.5% to $95.58 after prices had risen nearly 30% from early August lows.
Renewed hostilities between the US and Iran have lifted the geopolitical risk premium in crude oil, said Sugandha Sachdeva, founder of SS WealthStreet.
The Strait of Hormuz, which carried about one-fifth of global oil and gas supplies before the conflict, continues to experience reduced flows, while alternative export routes face additional pressure.