Oil declines after recent two-week high

Oil prices retreated today, Thursday, after experiencing their biggest one-day increase in over two weeks amid escalating tensions in the Middle East. The surge came after the United States carried out airstrikes on Iranian targets in Iran, aiming to reduce the threats posed by Iran and its proxies, including command centers, missile facilities, and drone bases. The rising tensions led to a 7% jump in oil prices, with U.S. inventories approaching their lowest levels since 1983, and expectations that Brent prices could rise above $120 per barrel if the escalation continues. The conflict appears to persist between Washington and Tehran, threatening the Strait of Hormuz, which connects the Gulf to the wider world, increasing market concerns, depleting stockpiles, and driving prices higher.

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