FX.co ★ Oil Eases as US Concludes Iran Strikes

Crude oil pulled back toward $91 per barrel on Thursday, trimming earlier gains after the US military announced it had completed its latest round of strikes on Iran, raising hopes that peace talks could resume. The US had launched new attacks after President Donald Trump accused Tehran of stalling negotiations over an interim peace agreement. Iran reportedly responded by targeting US vessels in the Strait of Hormuz with missile and drone strikes. The escalation reinforced the perception that the April ceasefire has effectively collapsed, even though the large-scale bombing seen at the onset of the conflict has not resumed. The near-total closure of the Strait of Hormuz continued to tighten global energy supplies, although there were indications that limited volumes of crude were still leaving the Persian Gulf. Meanwhile, EIA data showed US crude inventories fell by 7.2 million barrels last week, marking a seventh consecutive weekly decline.