Iran-US Conflict Erupts Again, Oil Prices Drop Despite Rising Tensions

The ongoing conflict between the US and Iran has led to another round of airstrikes on Thursday, despite oil prices dropping more than 1.50% on the day.

Brent crude, the international benchmark, fell to $86.68 per barrel at 9:40 a.m. ET, while West Texas Intermediate, the US benchmark, dropped to above $83.60 per barrel.

The US Central Command (CENTCOM) conducted strikes on dozens of Islamic Revolutionary Guard Corps (IRGC) targets in Iran, including military command centers, missile and drone facilities, coastal surveillance and defense sites, and maritime capabilities.

Tehran has vowed to 'punish' the US after the strike, which was described as a 'heavy wave' by CENTCOM. Trump approved of the strikes despite Tehran conceding that the recent launch against the US base in Jordan was a mistake and asking for no retaliation.