Oil Prices Retreat as U.S.-Iran Conflict Eases Amid Asian Shares Rally

Oil prices retreated on Thursday, following recent gains, as Brent crude traded near $95 per barrel. The price drop comes after U.S. President Donald Trump said he doesn't expect the U.S. bombing campaign against Iran to last 'much longer.'

The renewed fighting between the U.S. and Iran had pushed oil prices sharply higher earlier in the week.

Asian shares, however, advanced as markets tracked the recent gains on Wall Street, where the benchmark S&P 500 rose 0.5% on Wednesday.

Among major gainers, SoftBank Group rose 2.9%, Kioxia Holdings increased by 0.6%, and Tokyo Electron gained 0.8%. Samsung Electronics was 1.3% higher, while memory chipmaker SK Hynix was up 1.4%.