Oil Prices Hold Above $90 Amid Middle Eastern Tensions
Crude oil prices continued their upward trend on Thursday, holding above $90 per barrel as investors weighed the renewed hostilities in the Middle East against efforts to keep the Strait of Hormuz open.
The latest attacks on Iran by the US have sparked concerns about disruptions to global oil supplies. President Donald Trump said that the attacks would be 'short-lived' despite indicating that the US remains prepared for further strikes, reiterating claims that it controls the strait.
The US launched fresh strikes on Iranian targets around the strategic waterway this week following a month of relative calm. Tehran retaliated with drones and missiles targeting American bases across the Middle East.
Despite the renewed hostilities, crude shipments continued to pass through the Strait of Hormuz at an estimated average of 8 million barrels a day.