Crude Oil Prices Today: Brent Falls Below $88 as Traders Weigh US-Iran Conflict | Commodity Markets Today
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Crude oil prices edged lower on Thursday after a sharp rally in the previous session, as traders booked profits while monitoring the conflict between the United States and Iran. Brent crude slipped below $88 a barrel after oil exports from the Middle East continued without disruption, easing immediate supply concerns.
Oil prices fell in early trade on Thursday after rising sharply a day earlier.
Brent crude was down 0.9% at $87.30 a barrel, while US West Texas Intermediate (WTI) crude lost 0.9% to $83.70 a barrel. On the MCX, crude oil August futures were trading near ₹8,030 a barrel in morning trade.
Prices had climbed on Wednesday after the latest military action involving the United States and Iran raised concerns over oil supplies. On Thursday, some of those gains faded as there was no sign of any disruption to crude exports from the region.
Why Are Oil Prices Falling Today?
The market eased after a strong rally as traders locked in profits.
The fighting in West Asia has raised concerns about supply, but oil continues to move through the region. There has been no disruption to shipments through the Strait of Hormuz, the route used to transport around one-fifth of the world's oil.
That reduced immediate concerns over supply shortages and weighed on prices.
US-Iran Conflict Remains in Focus
According to Kotak Neo Research, the United States carried out fresh strikes after Iranian missile attacks on US forces in the region. Reports of an explosion involving a tanker in the southern Red Sea also added to concerns over shipping security. Iran has also rejected Oman's proposal for joint management of the Strait of Hormuz.
Even so, crude exports have not been affected so far. Any disruption to shipping through the Strait of Hormuz could quickly change the outlook for oil prices.
MCX Crude Oil Technical Outlook: Key Levels and Chart
Kotak Neo Research expects MCX Crude Oil (August) to trade in the ₹7,815-₹8,261 range. The near-term view remains sideways.
The next move in oil prices will depend on events in West Asia. Traders will also track US crude inventory data for signs of demand and watch for any disruption to shipping in the Strait of Hormuz. Any change in supply from the region is likely to have a direct impact on prices.
This article is for informational purposes only and should not be considered investment advice from Kotak Neo. For compliance T&C and disclaimers, visit www.kotakneo.com/disclaimer.
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