Oil Prices Today: Oil prices edged lower on Thursday but remained above the $100-a-barrel mark, with Brent crude trading 1.18% lower at $102.18 a barrel at last check, as markets weighed the latest developments in the Iran-US conflict and the risk of disruptions to global oil supplies.
Crude oil prices had snapped a five-session losing streak in the previous session, with Brent rising 3.9% to settle at $103.08 a barrel. US West Texas Intermediate (WTI) gained 1.8% to settle at $92.16.
The rebound came after Iranian President Masoud Pezeshkian vowed that the Islamic Republic would not surrender to the US in his address to the United Nations General Assembly on Wednesday.
“They have tested the strength and the steadfastness of Iran and they have learned that Iran cannot be made to surrender,” Pezeshkian said.
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The geopolitical uncertainty has added to concerns over potential disruptions to crude supplies, particularly given the strategic importance of the Strait of Hormuz to global oil shipments.
However, hopes of a diplomatic breakthrough and a possible reopening of the waterway have limited the upside in oil prices.
Despite Wednesday's rebound, crude remains under pressure this week. US oil prices are down around 8% on the week, while Brent has declined nearly 1%.
The oil market remains focused on developments between Washington and Tehran. US President Donald Trump said on Tuesday that US officials had a “very good meeting” with Iran's delegation, which lasted about three hours.
Earlier in his UN address, Trump said he faces a “big decision” over whether to reach a deal with Tehran or “annihilate” the country.
Meanwhile, Reuters reported on Tuesday that Iran could reopen the Strait of Hormuz within a week if the US agrees to ease military pressure and lift its blockade of Iranian ports.
The Strait of Hormuz is a key oil shipping route, with any disruption potentially affecting global crude supplies. Markets are therefore balancing the risk of supply disruptions from the Iran-US conflict against the possibility of de-escalation and a reopening of the crucial shipping route.
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