Oil Prices Hold Steady Amid Ongoing Iran-US Hostilities

Oil prices remained relatively stable on Thursday as Iran continued its military strikes against US allies in the Gulf. The Brent crude futures price fell by 11 cents to close at $95.52 per barrel, while US West Texas Intermediate rose by 29 cents to settle at $91.30 per barrel.

Kuwait's armed forces reported engaging missiles and drones, with the country facing 'ongoing Iranian aggression.' This comes as Washington seeks to degrade Tehran's ability to attack ships transiting the Strait of Hormuz, a key oil trade route.

Energy Secretary Chris Wright stated that over 17 million barrels of oil passed through the strait on Monday under US military protection, a wartime record. President Donald Trump indicated that he does not expect the current hostilities to escalate into a full-scale war.