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Global oil prices edged lower on Thursday as traders assessed the impact of renewed US airstrikes on Iran and Tehran’s retaliation against US military bases in the Gulf, while concerns over supplies through the Strait of Hormuz continued to support the market.
- Brent crude fell about 1.3% to around $77.0 per barrel.
- US West Texas Intermediate (WTI) declined about 1.2% to roughly $72.6 per barrel.
Oil prices had surged earlier this week after the United States launched fresh strikes on Iran, raising fears of supply disruptions in the Middle East. However, prices eased on Thursday as investors weighed the possibility of renewed diplomatic efforts despite the escalating conflict.
The market remains focused on the Strait of Hormuz, through which roughly one-fifth of global oil and liquefied natural gas supplies pass. Any disruption to shipping through the strategic waterway could trigger another sharp rise in crude prices.
Analysts say oil prices are likely to remain highly volatile as long as tensions between Washington and Tehran persist and uncertainty over Gulf energy supplies continues.
