Crude Oil prices traded marginally lower on Thursday at around $96 level as the investors assessed the uncertainty surrounding renewed military strikes
between the U.S. and Iran. The latest escalations have raised concerns over potential disruptions to Middle East oil supplies. Brent crude futures were down 43 cents, or 0.45%, at $95.2 a barrel, while U.S. West Texas Intermediate crude futures fell 24 cents, or 0.26%, to $90.77. US President Donald Trump said the renewed U.S. campaign against Iran would not continue for "too long". He said U.S. forces had targeted Iran's radar and missile systems. JPMorgan has estimated that every additional month of disruption could add around $7 to $8 a barrel to Brent prices. If the disruption lasts three months, the bank expects average monthly Brent prices to reach around $114 a barrel, it said. Further, Goldman Sachs warned that Brent could climb to $120 a barrel if shipping disruptions through the Strait of Hormuz.
