Oil Prices Fall After Trump Says Iran Strikes Will Be Brief

TLDR

• Brent crude fell 1.5% to $94.22 and WTI slipped 1.4% to $89.78 on Thursday after a three-day rally
• Trump said the renewed U.S. bombing campaign against Iran would not last long
• U.S. Energy Secretary said 17 million barrels passed through the Strait of Hormuz on Monday, the highest since the conflict reduced flows
• Shipping traffic remains volatile, with only four commodity vessels transiting the strait on Tuesday versus a 10-day average of 13
• U.S. commercial crude stocks fell by 4.5 million barrels last week, the first decline in five weeks

Oil prices pulled back on Thursday after three straight sessions of gains, as President Donald Trump suggested the latest U.S. strikes against Iran would be brief.

Brent crude futures fell 1.5% to $94.22 per barrel. West Texas Intermediate dropped 1.4% to $89.78 per barrel. Both contracts had hit five-week highs during the recent rally.

The gains had been driven by fears that renewed U.S.-Iran military clashes could disrupt oil flows from the Middle East. U.S. forces struck Iran’s southern coast on Wednesday, and Tehran fired back with drones and missiles at American bases across the region.

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