30.07.202603:48:19UTC+00Brent Slips Despite Fresh US Strikes on Iran

Brent crude slipped below $90 per barrel on Thursday, trimming gains from the previous session even after the US launched a new round of air strikes against Iran in response to attacks on American forces across the Middle East. The escalation heightened fears of further disruptions to global energy supplies. Efforts to reach a broader agreement between Washington and Tehran also stalled, as Iran continued to insist on maintaining control over the Strait of Hormuz. The conflict has now spread beyond Hormuz into the Red Sea, where Iran-aligned Houthi rebels in Yemen have threatened to blockade Saudi Arabia. That move prompted Riyadh to join US forces in conducting strikes on targets in Iraq linked to Tehran-backed militants. In the US, commercial crude inventories recorded their largest drawdown since mid-June, underscoring signs of a tightening physical market. The country’s strategic petroleum reserves also fell for an 18th consecutive week, sliding to their lowest level since 1983.