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WTI Crude Falls to $95/Barrel Thursday Amid Escalating U.S.-Iran Military Tensions

GateNews
Commodities
NG5.19%
Oil prices retreated to around $95 per barrel on Thursday after three consecutive trading days of gains, as investors assessed mounting tensions between the United States and Iran. The escalation followed U.S. strikes on an oil tanker bound for Iran on Tuesday, prompting Iranian counterattacks on U.S. naval bases in Bahrain and Kuwait and commercial vessels. Shipping through the Strait of Hormuz, which carries roughly one-fifth of global oil and liquefied natural gas supplies, has remained depressed since the conflict began, though recent data shows traffic volumes have partially recovered over the past two weeks despite remaining significantly below pre-conflict levels. Meanwhile, the U.S. Energy Information Administration reported American crude inventories fell for a sixth consecutive week, nearing minimum operating levels.
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