US-Iran Tensions Send Oil Prices Lower
Oil prices dipped on Thursday as investors weighed the uncertainty of renewed military strikes between the US and Iran that could disrupt oil supplies from the Middle East.
Brent crude futures fell $0.43 cents, or 0.45 per cent, to $95.2 a barrel at 0029 GMT, while US West Texas Intermediate (WTI) crude futures were down $0.24 cents, or 0.26 per cent, at $90.77.
The latest attacks marked the seventh month of war between the two countries, with US President Donald Trump saying that the renewed campaign against Iran would not continue for 'too long' and that US forces had targeted Iran's radar and missile systems.
Analyst Tony Sycamore 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.