Oil Prices Tumble Amid West Asia Escalation, Hopes for Russia-Ukraine Peace Deal
Oil prices were mixed on Thursday as investors weighed the escalating situation in West Asia and the possibility of a peace deal between Russia and Ukraine.
The US strikes on Iran, which killed three Iranian Army pilots, according to semi-official Tasnim news agency, supported oil prices. However, comments from Russian President Vladimir Putin indicating openness to peace negotiations with Ukraine pressured prices.
Brent crude futures settled down 11 cents, or 0.12%, at $95.52 a barrel, while US West Texas Intermediate crude futures rose 29 cents, or 0.32%, to $91.30.
UBS analyst Giovanni Staunovo said the market will watch out if the US strike was an isolated event or part of a larger pattern. Israeli Defence Minister Israel Katz renewed warnings that Israel would 'cripple' Iran's military and civilian infrastructure, including energy facilities, if Tehran launched attacks against it.