US-Iran Tensions Spark Oil Price Jitters

Oil prices traded marginally lower on September 3 as investors assessed the uncertainty surrounding renewed military strikes between the U.S. and Iran.

The latest escalation raised concerns over potential disruptions to Middle East oil supplies, with U.S. President Donald Trump stating that the renewed U.S. campaign against Iran would not continue for 'too long.'

Trump said U.S. forces had targeted Iran's radar and missile systems, describing the attack as 'very heavy' and saying U.S. forces were prepared to carry out another attack at any time.

Crude oil prices reflected this uncertainty, with Brent crude futures down 43 cents (0.45%) at $95.2 a barrel, while U.S. West Texas Intermediate crude futures fell 24 cents (0.26%) to $90.77.