Oil Prices Fall Amid Escalating Mideast Tensions, OPEC+ Output Hike
Crude oil prices declined on Thursday despite escalating hostilities across the Middle East and attacks on local energy facilities. The price drop comes as OPEC+ is expected to increase output, offsetting potential supply losses from the Iran theater.
The conflict between the US and Iran has disrupted oil markets since late February, with shipping disruptions and increased insurance costs affecting crude flows through the Strait of Hormuz. On Wednesday, Washington carried out a 'heavy wave' of airstrikes on Iranian positions in response to missile assaults on US troops stationed in the area.
US President Donald Trump had signaled the coming action hours before, threatening severe attacks on Iran. The strikes targeted numerous Islamic Revolutionary Guard Corps installations throughout Iran, including command centers and naval assets.