Oil Prices Plummet Amid US-Iran Conflict Uncertainty

Oil prices have retreated on Thursday as investors weigh the uncertainty of renewed military strikes between the US and Iran. The attacks, which began in July, have been ongoing for seven months, causing concerns about supply disruptions from the Middle East.

Brent crude futures fell by 59 cents or 0.62% to $95.04 a barrel, while US West Texas Intermediate crude futures dropped 38 cents or 0.42% to $90.63. The recent attacks saw Brent and WTI swing between gains of up to $2 a barrel and losses of $1 a barrel.

Analyst Tony Sycamore noted that the latest flare-up may be easing, with no confirmed exchange of fire since midday on Wednesday. US President Donald Trump said the renewed campaign against Iran would not continue for 'too long' and that US forces had targeted Iran's radar and missile systems.