On Thursday, Brent crude futures fell by 67 cents to $97.14 a barrel, and U.S. West Texas Intermediate crude dropped 62 cents to $95.40. This decline followed a 2% increase on Wednesday, driven by escalating tensions in the Middle East, including Iranian attacks and U.S. military responses. The U.S.
House of Representatives passed a resolution to restrict President Trump's military actions against Iran, although it requires Senate approval and a two-thirds majority to override a potential veto.
President Trump indicated that negotiations with Iran might progress soon, despite Iranian Foreign Minister Abbas Araqchi stating that while communications with Washington continue, no significant advancements have been made. Additionally, U.S. crude inventories decreased by 8 million barrels, significantly more than the anticipated 4 million-barrel drop, suggesting a tightening supply situation.
Haitong Futures noted that oil prices could trend higher due to ongoing supply-demand imbalances as global inventories decline rapidly