Oil price today: Crude continues to trade beyond $95 per barrel
Oil prices edged lower after a volatile session, with Brent crude at $95.33 and WTI at $90.88, as investors assessed the impact of US-Iran strikes on oil supplies through the Strait of Hormuz. Shipping activity in the critical waterway remains significantly below usual levels due to the ongoing US-Iran conflict, which has seen recent escalations.
Why it matters
The continued high oil prices and disruptions in the Strait of Hormuz, a critical global shipping lane, indicate ongoing geopolitical instability that could significantly impact global energy markets, supply chains, and economic stability.
Oil prices edged lower on Thursday after a volatile session, as investors assessed the latest US-Iran strikes and their impact on oil supplies through the Strait of Hormuz.Brent crude stood at $95.33 a barrel, down 30 cents or 0.31% while WTI or West Texas Intermediate was trading at $90.88 a barrel, down 13 cents or 0.14%, around 7:30 am IST.This comes after both benchmarks saw sharp swings over the previous session, rising by as much as $2 a barrel before falling by up to $1. Their session highs were the highest since July 24, while Brent eventually settled 1% higher.A key focus for the market remained the Strait of Hormuz, where shipping activity has stayed below its usual level.
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