Trump's Iran Comments Spark Oil Price Retreat

Oil prices retreated in Asian trading on Thursday after three consecutive sessions of gains. President Donald Trump's comments that renewed U.S. attacks on Iran would not last long helped to temper supply concerns.

The rally had been driven by fears of further disruptions to oil supplies from the Middle East following a recent military confrontation between the United States and Iran.

Trump said the U.S. targeted Iranian radar, missile systems, and capabilities linked to laying mines around the Strait of Hormuz.

The market received some bullish signals, including a decline in U.S. commercial crude stocks and higher oil flows through the Strait of Hormuz.