Oil Prices Firm Amid Renewed US-Iran Tensions
Oil prices held steady near $90 per barrel on Thursday after rising for three consecutive sessions due to renewed US-Iran hostilities and concerns over supply disruptions through the Strait of Hormuz.
The Brent crude price remained above $95 a barrel, while US crude held above $90. Washington launched fresh strikes on Iranian targets around the strategic waterway following about a month of relative calm.
Iran retaliated with drones and missiles targeting US bases across the Middle East, raising fears that the renewed confrontation could threaten energy supplies and further disrupt global markets.
Despite the escalation, crude shipments continued through the Strait of Hormus at an estimated average of about eight million barrels a day. US President Donald Trump said the latest attacks on Iran would be short-lived, but indicated that Washington remained prepared for further strikes.