Oil prices decline moderately following escalation of US-Iran military strikes

Oil prices declined moderately on Thursday morning after three consecutive days of gains, according to market trading data by Report.

On the London ICE Futures exchange, September futures for Brent crude fell by 0.54% to stand at $84.49 per barrel. Meanwhile, on the New York Mercantile Exchange (NYMEX) electronic platform, August futures for WTI crude dipped by 0.33%, reaching $79.34 per barrel.

The dip in oil prices comes on the heels of a sharp military escalation in the Middle East. The US military launched another wave of airstrikes against Iran, according to a statement from the US Central Command (CENTCOM). The American strikes targeted Iranian command centers, air defense installations, missile and drone launch facilities, and coast guard assets.

In response, Iran's Islamic Revolutionary Guard Corps (IRGC) retaliated with strikes against the Ali Al-Salem Air Base in Kuwait, which is utilized by US forces. According to the Iranian state television channel IRIB, the IRGC specified that the retaliatory assault was a combined operation utilizing both ballistic missiles and unmanned aerial vehicles.