Oil prices edge lower amid US and Iran hostilities
Brent and WTI futures fell slightly on Wednesday as renewed military strikes between the U.S. and Iran created market volatility. While geopolitical tensions and an eighth consecutive weekly drop in U.S. crude inventories provide price support, ongoing conflict in the Middle East continues to cloud the supply outlook.
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Brent Crude Oil fell 0.1% to $91.36 a barrel on Wednesday as renewed military strikes between the United States and Iran fueled volatility. Prices retreated from earlier gains after the U.S. military targeted Iranian sites following the downing of an attack helicopter. This escalation threatens to unravel a fragile ceasefire and reintroduce a significant geopolitical risk premium into global energy markets.
