US-Israel-Iran War Latest Live News: The ongoing conflict between the US, Israel, and Iran remains a major source of insecurity in the region as well as global energy supplies, particularly from continued attacks on commercial vessels navigating the Strait of Hormuz.
However, against this backdrop, the price of crude oil fell by over $1 per barrel on Thursday morning as investors weighed disruptions to oil supplies together with the US measures intended to lower the cost of shipping petroleum due to the lifting of sanctions.
Latest incidents include the Saudi-led coalition shooting down a drone over Saudi Arabia’s Eastern Province, increased Iranian sea patrol activities and shutting down of social media accounts.
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US-Israel-Iran War Latest Live News: Oil Prices Fall Despite Rising Shipping Risks
Brent crude futures decreased by $1.39, or 1.31%, to $104.67 per barrel at 01:16 GMT. Futures of US West Texas Intermediate (WTI) crude decreased by $1.02, or 1.07%, to $94.07 per barrel. The fall came after the previous day where WTI reached the level of three weeks’ high.
Investors continue to be in split mind regarding concerns of supply shortages on one hand and attempts to mitigate shipping problems on another hand. It is reported that two commercial ships as one container ship and one dry bulk carrier have been sunk in proximity of Strait of Hormuz as a result of separate projectile attack.
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