US-Iran Crisis Jolts Oil Prices Down
Oil prices declined by over one percent on Thursday, reversing six days of gains, as investors continued to monitor developments in the US-Iran crisis. The Strait of Hormuz remained shut, and neither side showed signs of backing down.
The price drop was attributed to forecasters lowering global oil demand projections for 2026 due to disruptions from the conflict. However, supply constraints provided a floor for the market.
Brent futures fell $1.29, or 1.5 percent, to $87.69 a barrel by 0100 GMT, while US West Texas Intermediate (WTI) crude dropped $1.30, or 1.6 percent, to $81.97.
The easing of US interest rate hike fears after data showed inflation slowing last month boosted confidence in tech firms, leading to gains in Asian stocks. Seoul led the gainers with a surge of almost five percent, driven by a revival of the AI trade.