Oil Prices Slip as US-Iran Conflict Enters Seventh Month

Oil prices declined on September 3 as investors grappled with the ongoing uncertainty caused by the military conflict between the US and Iran, which has now entered its seventh month.

US President Donald Trump stated that the military campaign against Iran would not last 'for a long time,' noting that US forces had targeted Iranian radar and missile systems, according to Reuters.

The Strait of Hormuz saw only four ships cross on Wednesday, according to preliminary shipping data released by Kpler. This is less than the daily average of about 13 ships over the past 10 days.

Brent crude prices held above $95 per barrel despite the decline in oil prices. The Brent futures price for November delivery was at $95.07, a decrease of $0.56 or 0.6% from the previous day. WTI futures prices also fell, with October delivery priced at $90.62, down $0.39 or 0.45%.