Oil prices edged lower on Thursday but Brent crude remained above the $100-per-barrel mark as traders assessed developments in the Iran-US conflict and their potential impact on global energy supplies.
Brent was down 1.18% at $102.18 a barrel at the latest check, after gaining 3.9% in the previous session to settle at $103.08.
US West Texas Intermediate (WTI) had risen 1.8% to settle at $92.16 a barrel, ending a five-session losing streak for crude prices.
Market attention remains on the Strait of Hormuz, a major route for global oil shipments. Any prolonged disruption could put pressure on crude supplies, while hopes of diplomacy and a possible reopening of the waterway have limited further price gains.
Iranian President Masoud Pezeshkian, speaking at the United Nations General Assembly, said Iran would not surrender to the US.
Meanwhile, US President Donald Trump said earlier that US officials had a “very good meeting” with Iran’s delegation and that he faced a major decision over the next steps.
According to the reports, Iran could reopen the Strait of Hormuz within a week if the US eases military pressure and lifts its blockade of Iranian ports.
Despite Wednesday’s rebound, oil prices remain lower for the week, with US crude down around 8% and Brent nearly 1% lower.
