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Oil Prices Plummet Amid Renewed US-Iran Military Tensions

Guavy AI Editorial Team
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Oil
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Oil prices edged down on Thursday due to uncertainty over renewed military strikes between the US and Iran, which could disrupt supplies from the Middle East. The latest attacks were the most significant exchange of fire since July, with no confirmed exchange of fire since around midday on Wednesday, Sydney time.

Brent crude futures fell 43 cents, or 0.45%, to $95.2 a barrel at 0029 GMT, while US West Texas Intermediate crude futures were down 24 cents, or 0.26%, at $90.77. IG analyst Tony Sycamore noted that oil prices retreated on tentative signs that the latest flare-up was easing.

US President Donald Trump said that the renewed US campaign against Iran would not continue for 'too long' and that US forces had targeted Iran's radar and missile systems. However, shipping through the Strait of Hormuz remains volatile, with transits below recent averages.

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