Oil Prices Fluctuate as US-Iran Tensions Persist Despite Tanker Movements

Oil prices are experiencing volatility following a sharp re-escalation of the US-Iran war, which initially pushed energy prices higher, with Brent crude surging by 7.9% to $90.74 per barrel on Wednesday. However, on Thursday, oil prices are giving back some of those gains, with Brent falling by 0.9% to approximately $87.30. This slight decline comes as tankers continue to depart the Gulf region despite the ongoing military tensions. The announced OPEC+ supply increase of 188,000 barrels per day for September may further limit future price gains, provided the geopolitical situation does not escalate further.