Oil prices turned lower as traders took profits and evaluated the risks from a new wave of US strikes on Iranian military installations, which fuelled fears of renewed full-scale conflict and supply disruptions in the Strait of Hormuz, Reuters reports.
The United States struck Iran’s coastal defences and missile sites on Wednesday after reimposing a naval blockade of its ports, while Iran threatened to shut off more regional energy exports, saying it was engaged in an “existential war” with America.
