US Oil Update: Futures Hover Near 2-Weeks High Amid US-Iran Retaliatory Strikes

Global oil prices hovered near a two-week peak on Thursday as the energy markets faced severe disruptions after Iranian forces targeted US military assets in neighboring Gulf states. Brent crude futures eased 0.3% to $77.77 per barrel after surpassing $80/bbl in the previous session, while West Texas Intermediate crude futures eased 0.7% to $72.99/bbl. Both benchmarks hit their highest since June 22 on Wednesday. The geopolitical crisis deepened as Iranian forces directly targeted US military infrastructure in neighboring Gulf states, striking assets in Kuwait, Qatar, and Bahrain on Thursday. Meanwhile, the US has targeted over 170 Iranian military targets off the Iranian coast near the Strait of Hormuz in the last two days, the US military's Central Command confirmed to. Shipping traffic through the crucial Strait of Hormuz has partially rebounded to half of its pre-war baseline, according to an IRGC statement reported by Al Jazeera. Though the group rejected responsibility for the lingering maritime gridlock, attributing the bottleneck to US intervention and political adventurism. However, shipping data revealed that the vital waterway has become highly restricted. Active.