Synopsis
Oil prices saw a slight decline today after a significant increase yesterday. Investors are monitoring developments between the United States and Iran. Both countries have increased their military presence in a key oil region. Talks are ongoing, but progress remains slow. US oil stocks fell last week, contrary to expectations. Official inventory data is expected today.
ETMarkets.comOil prices fell in early Asian trading after a significant rise, as investors weighed tensions and military activity between the United States and Iran.Oil price Trade in Asia eased on Thursday, following the previous day’s 4% jump, as investors weighed efforts by the United States and Iran to resolve tensions, while both sides stepped up their efforts. military activity in the main oil-producing region.
Brent Futures fell 12 cents, or 0.2%, to $70.23 a barrel by 0110 GMT, while U.S. West Texas Intermediate (WTI) crude slipped 8 cents, or 0.1%, to trade at $65.11 a barrel.
Both benchmarks rose more than 4% on Wednesday, posting their highest settlements since January 30, as traders priced in the upside. supply disruptions amid concerns over the US-Iran conflict.
“Tensions between Washington and Tehran remain high, but the prevailing view is that full-scale armed conflict is unlikely, prompting a wait-and-see approach,” said Hiroyuki Kikukawa, chief strategist at Nissan Securities Investment, a division of Nissan Securities.
“US President Donald Trump does not want a sharp rise in crude prices, and even if military action were to take place, it would likely be limited to airstrikes in the short term,” Kikukawa added.
Slight progress was made in negotiations on Iran in Geneva this week, but distance remains on some issues, the White House said Wednesday, adding that Tehran should return with more details in a few weeks.
Iran issued a notice to airmen (NOTAM) on Thursday saying it planned to launch rockets into certain areas of its south between 0330 GMT and 1330 GMT, according to the US Federal Aviation Administration website.
At the same time, the United States deployed warships near Iran, with US Vice President JD Vance saying Washington was considering whether to continue diplomatic engagement with “Tehran” or pursue “another option.”
Satellite images show that Iran recently built a concrete shield on a new facility at a sensitive military site and covered it with earth, experts say, advancing work on a site that would have been bombed by Israel in 2024.
Meanwhile, two days of peace talks in Geneva between Ukraine and Russia ended Wednesday without any progress, with Ukrainian President Volodymyr Zelenskiy accusing Moscow of blocking U.S. mediation efforts to end a four-year-old war.
American crude and gasoline and distillate stocks fell last week, market sources said, citing figures released Wednesday by the American Petroleum Institute, contrary to expectations in a Reuters poll that crude inventories would rise by 2.1 million barrels in the week to Feb. 13.
Official reports on U.S. oil inventories from the Energy Information Administration are due Thursday.
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