Oil prices rose over 1% as Iran launched missiles towards Kuwait and Bahrain, escalating Middle East tensions. Brent crude reached $97.05 and WTI $94.77 amid ongoing Strait of Hormuz disruptions and stalled peace talks between Tehran and Washington.
Oil prices slipped slightly on Thursday after strong gains the previous session, as investors weighed stalled peace talks between Iran and the United States and ongoing restrictions on the Strait of Hormuz. Brent crude fell 15 cents to $101.76 a barrel, while WTI slipped 14 cents to $92.82. Both benchmarks had surged over $3 on Wednesday driven by a draw in US fuel inventories and uncertainty over US-Iran diplomatic progress. Iran seized two ships in the strait, tightening control over the critical waterway that handles around 20% of global oil and LNG flows.
