Global crude oil prices fell despite escalating military tensions between the United States and Iran. Brent crude dropped 2 percent to $76 per barrel, while West Texas Intermediate fell to $71 per barrel, down from $77 and $73 respectively, according to checks by DAILY POST.
The decline came on Thursday, a day after President Donald Trump announced he was ending a ceasefire agreement with Iran. On Wednesday, the US launched fresh airstrikes against Iranian targets, prompting Tehran to strike back at American allies including Bahrain, Kuwait, and Qatar.
The retaliatory exchange initially triggered a sharp oil price spike on Wednesday trading. However, markets appeared to stabilise by Thursday as investors assessed the broader implications of the escalating conflict.
The price retreat suggests traders may be pricing in potential diplomatic resolution or simply digesting the shock of the renewed hostilities. Oil markets remain volatile as the situation develops between Washington and Tehran.
