Oil falls from recent highs as investors weigh uncertainty over US-Iran strikes
A drone view shows oil refineries and chemical plants in the industrial area known as Chemical Valley in Sarnia, Ontario, Canada, September 2, 2026. REUTERS/Carlos Osorio
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LONDON, Sept 3 : Oil prices edged lower on Thursday as investors weighed the uncertainty of renewed military strikes between the U.S. and Iran that risk disrupting supplies from the Middle East.
Brent crude futures fell 56 cents, or 0.6 per cent, to $95.07 a barrel at 0752 GMT, while U.S. West Texas Intermediate crude futures were down 50 cents, or 0.6 per cent, at $90.51. It was the first fall in four sessions for both contracts.
Iran’s health minister said eight people were killed and 108 wounded in Tuesday night’s U.S. strikes across Iran. The Iranian Red Crescent said four people were killed and 67 wounded at a wedding ceremony near the coast of the Strait of Hormuz.
The latest attacks were the most substantial exchange of fire between the U.S. and Iran since July, with the war now in its seventh month.
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Brent and WTI swung between gains of as much as $2 a barrel and losses of $1 a barrel during the previous trading session. The session highs for both benchmarks were the highest since July 24.
Six commodity vessels transited the Strait of Hormuz on Wednesday, down from 11 a day earlier and well below the 10-day average of around 13, preliminary shipping data showed on Thursday.
Meanwhile, Iran added more ships to the list of vessels it deems non-compliant and subject to fines, confiscation or detention if they try to sail through the strait.
Elsewhere, Iraq increased its oil exports to around 2.34 million barrels per day in August from about 1.35 million bpd in July, two Iraqi energy officials said on Wednesday, with September exports also expected to increase as heavy discounts and Iranian approvals for Iraqi tankers to pass through Hormuz encouraged buyers.
In broader markets, traders have recently increased bets on a Federal Reserve interest rate hike in the middle of the month.
(Additional reporting by Sam Li and Colleen Howe; Editing by Thomas Derpinghaus, Stephen Coates and Sharon Singleton)
Source: Reuters
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