Oil prices fell despite fresh U.S.-Iran strikes and a drone attack, as tanker traffic through key straits remained unaffected.
Brent crude dropped to $89.46 a barrel and West Texas Intermediate fell to $83.54, both down roughly 1% from Wednesday’s close. The decline came despite reports of renewed U.S. strikes on Iranian targets and a drone attack on a tanker in Egypt, as oil shipments continued unimpeded through the Bab el-Mandeb Strait.
Prices had risen earlier in the week on fears of supply disruptions, but traders shifted focus to steady transit volumes. Wednesday’s U.S. Central Command statement described the strikes as a “powerful response,” though markets appeared to price in limited immediate risk to output.
No significant market reaction was reported beyond the modest price decline, as traders await further developments on potential supply chain impacts.