Oil prices fall as peace hopes offset fears of growing Middle East conflict
Crude oil prices declined during a choppy trading session as diplomatic optimism countered worries about regional supply disruptions in the Middle East. Brent crude futures settled down 44 cents, or 0.38 per cent, to $114.88 a barrel. The drop followed a previous day of gains that had been driven by renewed supply risk concerns following attacks in the region. Traders are actively weighing signs of fresh diplomacy regarding Iran against the backdrop of ongoing conflict escalation, which has created extreme volatility in global energy markets.
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- ✓ Brent crude futures settled down 44 cents, or 0.38 per cent, to $114.88 a barrel on Thursday.
- ✓ Oil prices fell on Thursday, paring gains made a day earlier, as hopes for peace talks took the edge off renewed concerns over Middle East supply disruptions.
- ✓ South Korea is considering various deployment options regarding the Strait of Hormuz.
What changed
Oil prices dropped during Thursday's trading session as emerging diplomatic efforts between the United States and Iran offset mounting worries over regional supply disruptions.
Live updates
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Oil Prices Fall as Peace Hopes Offset Middle East Conflict Fears
Crude oil prices declined during a choppy trading session as diplomatic optimism countered worries about regional supply disruptions in the Middle East. Brent crude futures settled down 44 cents, or 0.38 per cent, to $114.88 a barrel. The drop followed a previous day of gains that had been driven by renewed supply risk concerns following attacks in the region. Traders are actively weighing signs of fresh diplomacy regarding Iran against the backdrop of ongoing conflict escalation, which has created extreme volatility in global energy markets.
Why it matters
Energy markets remain highly sensitive to physical supply risks in the Middle East due to critical shipping lanes and major infrastructure hubs. Recent attacks on Saudi Arabian oil facilities and pumping stations stoked immediate fears of supply shortages, driving prices higher before peace talks exerted downward pressure. South Korea reported it is considering various military deployment options to the Strait of Hormuz.
What is confirmed
- Brent crude futures settled down 44 cents, or 0.38 per cent, to $114.88 a barrel on Thursday.
- Oil prices fell on Thursday, paring gains made a day earlier, as hopes for peace talks took the edge off renewed concerns over Middle East supply disruptions.
- South Korea is considering various deployment options regarding the Strait of Hormuz.
Still unconfirmed
- Yemen's Houthis attacked Saudi Arabia's largest oil refinery and East-West oil pumping stations without official Saudi confirmation. joyous
What to watch next
- Developments in US-Iran peace talks and official diplomatic statements
- Any official confirmation or denial regarding attacks on Saudi Arabian oil infrastructure
- Further security updates or deployment decisions concerning the Strait of Hormuz
confidence 90%Sources used for this update (21)
- finance.yahoo.com — Yahoo Finance - Stock Market Live, Quotes, Business & Finance News
- english.aawsat.com — Latest World News
- www.arabnews.com — Arab News | Worldwide News, Latest Breaking News & Updates
- www.channelnewsasia.com — NATO general sets out tough military response to any 'foolish' Russian attack - CNA
- www.cnbc.com — Oil today: Iran, US, crude, wti, brent, trump
- Reuters — Oil prices fall as peace hopes offset fears of growing Middle East conflict
- WSJ — Oil Prices Rise on Worries of Middle East Conflict Escalation
- Bloomberg — Oil Declines as Traders Parse Signs of Fresh Diplomacy on Iran
- Yahoo Finance UK — Oil up over 1% as Saudi Arabian refinery attack reignites supply risk concerns
- Semafor — Yemen’s Houthis attack Saudi Arabia’s largest oil refinery
- tribune.com.pk — Houthis say they attacked East-West oil pumping stations; no Saudi confirmation
- CNBC — Oil prices rise after attack on Saudi Arabian refinery reignites supply concerns
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