Oil Prices Plummet as US-Iran Conflict Intensifies

Oil prices fell on Thursday as markets assessed the impact of US strikes on Iran.

The US military launched strikes on Iran, prompting Iranian attacks on Kuwait and Bahrain. Some war insurers advised shipowners to pause voyages through the Strait of Hormuz, citing renewed vessel attacks that threatened a return to war.

Tim Waterer, chief market analyst at KCM Trade, said traders are reassessing the situation, with oil flows through the Strait of Hormuz currently up in the air.

Brent crude futures fell 16 cents to $77.86 a barrel, while US West Texas Intermediate crude futures lost 15 cents to $73.37 a barrel.