US Oil Update: Crude Settle Lower as Market Weigh Fallout From US-Iran Strikes

Crude futures settled lower in after-hours trading on Thursday as market participants weighed the impact of US-Iran military strikes on crude flows and whether heightened Middle East tensions would translate into sustained supply disruptions. Front-month West Texas Intermediate crude futures fell by 2.3% to $71.83 per barrel, while Brent futures dropped 2.5% to $76.09/bbl. Gelber & Associates strategists said WTI crude is trading at $71.74/bbl, down $1.78/bbl and about 2.4% day-over-day, as the market continues to move sideways to lower while traders separate crude availability from broader fuel market stress. "Refined products are still flashing tighter conditions, with diesel and gasoline markets carrying more strain than the underlying crude contract as refinery capacity, low product inventories, and Russian fuel disruptions keep margins elevated," Gelber analysts said in a Thursday note. On Thursday, the UKMTO said that commercial vessel traffic via the Strait of Hormuz continued at reduced levels as ship operators maintained a cautious approach following recent attacks on merchant vessels and heightened geopolitical tensions in the region. The agency said traffic.