Investing.com – Brent crude prices turned negative on Thursday, erasing earlier gains after notching a four-year high in the wake of a media report that U.S. President Donald Trump was considering new military options against Iran.
fell 0.9% to $117.00 a barrel by 05:32 ET (09:32 GMT), after having touched their highest level since March 2022, following the onset of the Russia-Ukraine crisis.
The June contract is set to expire on Thursday.
edged up by 0.4% to $107.25 a barrel.
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Trump to be briefed on more military options against Iran- Axios
Trump will be briefed on more potential military action in Iran on Thursday, Axios reported late on Wednesday.
The briefing– which will be conducted by U.S. Central Command leader Admiral Brad Cooper — will include several potential options, including a wave of attacks on Iran, operations to reopen commercial shipping in the Strait of Hormuz, or even a special forces operation to seize Iran’s uranium stockpile.
The options are being considered to end a deadlock between Washington and Tehran, as attempts at organizing more peace talks largely fell flat in recent weeks.
Any renewed military action is likely to entail an end to an indefinite ceasefire between the two, and will also likely draw retaliation from Iran– a move that could spur heightened instability in the Middle East.
The conflict entered its third straight month on Thursday, with flows through the Strait of Hormuz remaining scant after Iran blocked the channel during the onset of the war.
Oil prices have risen sharply on supply disruptions caused by the conflict.
Trump seen seeking international help in Hormuz reopening
A Wall Street Journal report on Wednesday showed Trump seeking help from other countries to form a new international coalition to reopen the waterway.
Trump has repeatedly called for other nations to help in reopening Hormuz, although major U.S. allies have largely declined to help. He was seen railing against NATO members for not assisting the U.S. and Israel militarily in the early days of the conflict.
Oil had briefly stalled its ascent after the United Arab Emirates said it will leave the Organization of Petroleum Exporting Countries this week– a move that likely heralds increased oil production in the country.
But the UAE is unlikely to increase production in the near-term due to disruptions caused by the Iran war.
(Ambar Warrick contributed reporting)
