Oil falls from recent highs as investors weigh uncertainty over US-Iran strikes
Oil prices rose to six-week highs following U.S. military strikes on Iran and escalating tensions in the Middle East. Market analysts are concerned about potential supply disruptions in the Strait of Hormuz.
Why it matters
Geopolitical instability in the Middle East directly impacts global energy markets and inflation, affecting consumers worldwide.
LONDON, Sept 3 (Reuters) - Oil prices hit fresh six-week highs on Thursday after new U.S. strikes on Iran and renewed Israeli threats against Tehran heightened concerns about disruptions to Middle East supplies.
Brent crude futures were up $1.66, or 1.7%, at $97.29 a barrel by 1200 GMT, erasing earlier losses, while U.S. West Texas Intermediate crude futures rose $2.03, or 2.2%, to $93.04. Both contracts were heading for their fourth day of gains and hit six-week highs earlier in the session.
Iran's health minister said 18 people were killed and 108 wounded in Tuesday night's U.S. strikes across Iran. The Iranian Red Crescent said four people were killed and 67 wounded at a wedding ceremony near the coast of the Strait of Hormuz.
Three Iranian Army pilots were killed in the U.S. strikes, the semi-official Tasnim news agency reported.
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