Oil fell in early Asian trade on optimism over a potential U.S.-Iran deal that could ease supply-disruption concerns.
The Iran war could soon draw to a close. Oil prices, however, may not roll back with it.
Crude oil extends downside momentum after breaking key moving averages and trendline support, with price now targeting lower Fibonacci and moving average support zones amid continued bearish structure.
Commercial crude-oil stocks fell by 3.3 million barrels last week. Analysts expected crude stocks to decrease by 4 million barrels.
The global oil benchmark Brent Crude futures soared above $98 per barrel early on Thursday after reports of the attacks emerged, after having dropped to $94 a day earlier on hopes of a quick deal to reopen the Strait of Hormuz. The U.S. benchmark West Texas Intermediate also briefly crossed $92 per barrel after having fallen below the $90 mark a day earlier.
West Texas Intermediate and Brent crude's front-month contracts both climbed after the U.S. launched a new set of strikes on an Iranian military site.
The U.S. launched fresh strikes against Iran while both sides continue to work toward a peace agreement.
Oil gained in early Asian trade on a possible technical correction after settling lower on Wednesday.
The Dow Jones Industrial Average and the Nasdaq Composite both closed at record highs on Wednesday.
Rubio wrapped a four-day India visit pushing American oil and gas exports as the Iran war disrupts global energy markets and New Delhi seeks to diversify its supply chains.
Plus, SpaceX gets scrutiny and JPMorgan eyes deals.
Oil prices fell on Wednesday as traders eyed signs of progress in the latest round of talks between the U.S. and Iran.