Russian President Vladimir Putin said the Kremlin considers the Trump administration's oil blockade on Cuba unacceptable. His comments came during a meeting with Cuban Foreign Minister Bruno Rodríguez Parrilla.
The threat of military action also helped push gold back above $5,000. U.S. stock futures were lower as traders weighed hawkish Fed minutes.
Oil prices eased in early Asia trade on Thursday, following the previous day's 4% jump, as investors assessed efforts by the U.S. and Iran to resolve tensions while both sides have stepped up military activity in the key oil-producing region.
Oil futures spiked by over 4% in intraday trading on Wednesday, as elevated U.S.-Iran tensions and fears of a conflict in the Middle East gripped the global market.
Traders are assessing the possibility that the U.S. would attack Iran, and are considering the disruption that could cause to markets.
U.S. President Donald Trump has lauded nearly $36 billion in investment from Japan to support three American-based projects. It represents the first batch of investments by Tokyo following a landmark trade deal struck under Trump last year.
Oil prices ease as Tengiz output ramps up and US crude stocks rise 2.3 mn barrels, while geopolitical tensions keep WTI and Brent volatile.
Italian energy major Eni is weighing re-entering oil and gas trading as it seeks the outsized returns enjoyed by BP , Shell and TotalEnergies as geopolitical tensions fuel energy price volatility, the Financial Times reported on Wednesday.
WTI crude oil faces short-term weakness near 20- and 200-day averages, but technical support and recent trend reversal suggest an eventual continuation of the bullish trend.
The oil patch defied expectations over the past year by weathering low crude prices with record-breaking production. But big drillers are preparing for a slowdown.
The crude oil market has gone back and forth during the course of the trading session again on Tuesday, as traders continue to try to sort out where things are going in the future.
The European Commission sees no short-term risk to the security of oil supplies in Hungary or Slovakia following the disruption of Russian oil flows via Ukraine because both EU countries have ample emergency stocks, a Commission spokesperson said on Tuesday.