US-Iran Tensions Weigh on Crude Prices Amid Disrupted Middle East Supplies

Oil prices retreated on Thursday as investors weighed the uncertainty of renewed military strikes between the US and Iran, which risk disrupting supplies from the Middle East.

Brent crude futures fell $0.43 (0.45%) to $95.2 a barrel at 0029 GMT, while US West Texas Intermediate crude futures were down $0.24 (0.26%) at $90.77 a barrel.

The latest attacks were the most substantial exchange of fire between the two countries since July, with the war now in its seventh month.

According to IG analyst Tony Sycamore, oil prices swung between gains and losses during the previous trading session, with session highs for both benchmarks reaching their highest levels since July 24.