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Oil prices decline as traders lock in profits amid Iran's escalation concerns
Oil prices fell today, Thursday, after a rally, as traders pulled back from buying due to their assessment of the risks resulting from the escalation of tensions between the United States and Iran, especially following American strikes on Iranian sites and Iran's threats to halt energy exports. Brent crude declined by 0.52%, reaching $84.51 per barrel, while West Texas Intermediate dropped by 0.29% to $79.37, even though both contracts were close to their highest levels in a month. Markets remain fragile due to geopolitical escalation and the potential disruption of oil flows, as the market fears the possibility of a broader conflict leading to oil prices rising above $85 per barrel.
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