Commodities
Iran-US Conflict Sparks Oil Price Volatility
Oil prices declined on Thursday, despite rising tensions between the US and Iran threatening energy supplies from the Middle East. West Texas Intermediate (WTI) oil price depreciated to around $93.90 during Asian hours.
The intensifying conflict has raised concerns over potential disruptions to energy supplies. Iran stated it is ready for a more intense conflict, vowing to resist the US naval blockade and warning of stepped-up attacks if American forces continue their strikes on Iranian territory.
US President Donald Trump predicted that the conflict will likely persist past the November midterm elections, noting that significant relief in gasoline prices is unlikely before then.