Iran launches missiles, drones at Kuwait

Vance: No talks with Iran until merchant ship attacks stop

Hormuz transit fears keep upward pressure on oil prices

Russia-Ukraine peace talk prospects cap gains

Ships pass through the Strait of Hormuz near Bandar Abbas in southern Iran. [AFP]
Ships pass through the Strait of Hormuz near Bandar Abbas in southern Iran. [AFP]

Oil prices ended mixed Thursday as military tensions in the Middle East continued to simmer following armed conflict between the United States and Iran. West Texas Intermediate crude rose for a fourth consecutive session, while Brent crude briefly topped $97 a barrel during trading before surrendering all of its gains.

WTI futures for October delivery settled up 0.32 percent at $91.30 a barrel on the New York Mercantile Exchange on Thursday (local time), extending a winning streak that began Monday.

Brent crude futures for November delivery on the London ICE Futures Exchange closed down 0.12 percent at $95.52 a barrel. The contract climbed above $97 a barrel during the session before retreating, snapping a three-session winning streak.

Ongoing military tensions in the Middle East have continued to exert upward pressure on global oil prices.

US Vice President JD Vance said at a press briefing Thursday that Washington would not engage in talks with Iran unless Tehran halted its attacks on merchant vessels.

Iran also pressed ahead with strikes against US allies in the region. Kuwait's military said its air defenses intercepted missiles and drones as Iran continued its offensive against the country.

With the US resuming airstrikes on Iran for the first time in over a month and clashes between the two sides continuing, market attention has turned to the Strait of Hormuz, a critical artery for Middle Eastern crude exports. A prolonged disruption to shipping through the strait could place additional strain on global oil supply.

Recent oil price moves have reflected those concerns. WTI rose for four consecutive sessions through Thursday, and Brent briefly crossed the $97 mark during intraday trading.

However, the prospect of peace negotiations between Russia and Ukraine limited further gains.

Russian President Vladimir Putin signaled openness to peace talks with Ukraine, raising expectations that uncertainty over Russian oil supply could ease — a development that weighed on prices.

The divergence between WTI and Brent on Thursday reflected the tug-of-war between supply anxiety stemming from the Middle East and hopes for a de-escalation of the Russia-Ukraine war.


sjy@heraldcorp.com