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Oil prices slipped slightly during Asian trading on Thursday after posting their biggest gains in weeks, as investors locked in profits while monitoring escalating geopolitical tensions in the Middle East and tightening global crude supplies.
Brent crude futures for September delivery fell 0.9% to $89.92 per barrel, while U.S. West Texas Intermediate (WTI) crude futures declined 0.6% to $83.94 per barrel. The modest pullback followed Wednesday’s strong rally, when Brent surged nearly 8% and WTI climbed 6.6% amid growing fears of supply disruptions.
The sharp gains came after Iran launched ballistic missiles toward U.S. forces in the Middle East. Although the missiles were intercepted, the incident prompted retaliatory strikes by U.S. and Saudi forces targeting Iran-backed militias in Iraq. Washington said the militias were linked to attacks on American troops and Saudi energy infrastructure.
U.S. President Donald Trump further heightened market concerns by warning that Iran would face severe consequences following the missile attack on U.S. forces in Jordan. His remarks dampened expectations for renewed diplomatic efforts between Washington and Tehran, increasing fears that the conflict could further disrupt energy markets.
Tensions have also spread beyond the Persian Gulf. Egypt reported drone strikes targeting two natural gas vessels operating off its coast, while Yemen’s Iran-backed Houthi movement has intensified attacks on commercial shipping and Saudi-linked energy facilities near the Red Sea and the Bab el-Mandeb Strait. The group has also discussed charging transit fees for vessels seeking safe passage, raising concerns over higher shipping costs and insurance premiums along one of the world's busiest energy trade routes.
Adding support to crude prices, the U.S. Energy Information Administration reported that U.S. crude oil inventories fell by 7.2 million barrels last week, pushing stockpiles to their lowest level since 2018. The larger-than-expected decline reinforced expectations of tighter near-term oil supplies, helping offset Thursday’s modest profit-taking and keeping the overall outlook for crude prices supported by both geopolitical risks and improving supply-demand fundamentals.
