Energy Preview: Oil prices briefly halt rally on hopes of easing geo-political concerns

Oil prices halted their rally on Thursday morning in Asia after President Trump said the latest attacks on Iran would be short-lived, easing inflation concerns and reducing safe-haven demand for the greenback. The US launched fresh strikes on Iranian targets around the strategic waterway this week following roughly a month of relative calm, prompting Tehran to retaliate with drones and missiles targeting American bases across the Middle East. Meanwhile, official data showed crude inventories declined by 4.5 million barrels last week, marking their first drop since late July. WTI crude oil futures are currently trading are holding flat at $91.01 per barrel, whereas Brent is down 0.16% at $95.48 per barrel.

Powered by Commodity Insights