Oil holds above $90 as Middle East risks and Iran strikes weigh
Crude held above $90/bbl after three straight sessions of gains as investors assessed renewed Middle East hostilities and efforts to reopen the Strait of Hormuz. US data showed crude inventories fell 4.5 million barrels last week.
Crude oil held above $90 per barrel on Thursday after rising for three consecutive sessions, as investors assessed renewed hostilities in the Middle East alongside efforts to reopen the Strait of Hormuz.
President Donald Trump said the latest attacks on Iran would be short-lived despite indicating that the US remains prepared for further strikes, while reiterating claims that the US controls Hormuz.
The US launched fresh strikes on Iranian targets around the strategic waterway this week following roughly a month of relative calm, prompting Tehran to retaliate with drones and missiles targeting American bases across the Middle East.
Despite the renewed hostilities, crude shipments continued to pass through the strait at an estimated average of 8 million barrels a day.
In the US, official data showed crude inventories declined by 4.5 million barrels last week, marking their first drop since late July.