Oil Prices Slip on Renewed US-Iran Tensions
Oil prices edged lower on Thursday as investors weighed the uncertainty of renewed military strikes between the U.S. and Iran that risk disrupting supplies from the Middle East.
Brent crude futures fell 43 cents, or 0.45%, to $95.2 a barrel at 0029 GMT, while U.S. West Texas Intermediate crude futures were down 24 cents, or 0.26%, at $90.77.
The latest attacks between the two countries were the most substantial exchange of fire since July, with the war now in its seventh month. This has left oil markets volatile, causing prices to swing wildly during the previous trading session.
Tony Sycamore, an analyst at IG, noted that oil prices retreated on tentative signs that the latest flare-up was easing. With no confirmed exchange of fire since around midday on Wednesday, Sydney time, investors are cautiously optimistic about a return to normalcy in the region.