Oil prices mixed as investors weigh ME escalation

Business Recorder reported that crude prices closed mixed on Thursday, as US strikes on Iran and fresh Israeli threats against Tehran raised concerns over Middle East supplies, while Vladimir Putin's openness to peace talks weighed on prices. Brent settled 0.12 percent lower at USD 95.52 a barrel, whereas West Texas Intermediate gained 0.32 percent to USD 91.30. Earlier in the day, both gauges had reached their highest levels in six weeks.

Iran's health minister put the toll from Tuesday night's US strikes at 18 dead and 108 wounded. The Iranian Red Crescent counted four deaths and 67 wounded at a wedding near the Strait of Hormuz coast, while Tasnim reported three Iranian Army pilots were also killed. This was the most serious round of fire between Washington and Tehran since July, and the conflict is now in its seventh month.

Shipping through the strait also slowed, with six commodity vessels transiting on Wednesday, down from 11 the day before and below the 10-day average of about 13. Iran has added more ships to its list of non-compliant vessels, which risk fines, seizure or detention when crossing the strait. UBS energy analyst Giovanni Staunovo said global oil inventories were still falling, keeping the market tight, and Vice President JD Vance said talks would not proceed unless Tehran halts attacks on commercial shipping.