WTI oil prices fell early on Thursday, trading just below USD 60 per barrel. Prices had risen in previous sessions as tensions in Iran escalated and the US administration threatened the Tehran regime with military strikes in retaliation for the violent repression of protests calling for regime change in the Middle Eastern country. This scenario raised concerns over global oil supply from the Gulf region, as a military conflict between Iran and the US could have disrupted crude flows from one of the world’s key producing areas. However, with the latest developments pointing to de-escalation, a US military intervention now appears less likely, easing fears of a supply shock and triggering a pullback in prices that could extend as the risk of an attack on Iran continues to recede.
Ricardo Evangelista, ActivTrades
Source: ActivTrader
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