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Oil prices declined today, Thursday, after rising for four consecutive days, amid assessments of the risks resulting from renewed American attacks on Iranian military installations. These events have heightened concerns over escalating conflict and the potential threat to energy supplies through the Strait of Hormuz. After crude futures for Brent reached a one-month high of $84.95, they fell to $84.51 per barrel. Similarly, West Texas Intermediate crude also decreased to $79.37, amid rising geopolitical tensions and the likelihood of disruptions to oil flows. Market experts have indicated that tensions between Washington and Tehran could push oil prices to between $85 and $87 if the escalation continues, with the possibility of higher prices should the conflict expand. Iran may also deploy its allies to block the Bab el-Mandeb Strait, further threatening a vital energy artery.
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