Oil Prices Moderated After US Strikes Against Iran

Oil prices continued to rise, but at a slower pace, after the US launched fresh strikes against Iran's military capabilities. Brent crude oil prices rose 1% to USD95.63, but eased from an intraday high of around USD97. President Trump suggested that the renewed bombing campaign against Iran would likely be short-lived, although he also stressed that the US was prepared to strike again.

The situation remains highly fluid, with little evidence yet of a durable de-escalation. The US carried out a second round of attacks in three days, targeting radar systems and mine-laying capabilities along Iran's southern coast, while Iran retaliated against US bases across the Middle East.