Oil Prices Edge Lower In Choppy Trade

(RTTNews) - Oil prices traded lower on Thursday, giving up earlier gains on hopes that U.S.-Iran peace negotiations could resume.

Brent crude futures for August delivery were down 0.8 percent at $92.32 a barrel, reversing gains from earlier in the session after the U.S. military said that it had 'completed' its latest round of airstrikes targeting Iran. WTI crude futures fell half a percent to $89.54.

After launching a wave of new strikes on multiple targets in Iran, U.S. President Donald Trump said that the Iranians were delaying a deal and that there would be more attacks if no peace deal is secured.

Iran has vowed to retaliate and accused the U.S. of 'war crimes', citing damage to civilian infrastructure.

Tehran also announced it would keep the Strait of Hormuz, a critical global energy shipping route, "completely closed to all type of vessels."

Iran's Islamic Revolutionary Guard Corps said early today they had launched counterattacks on 18 U.S.-military targets at airbases in Kuwait and Bahrain.

Beyond Middle East tensions, traders are increasingly wary of the potential impact of interest-rate hikes on economic growth and fuel demand.

As energy prices take center stage, the European Central Bank (ECB) is set to raise interest rates for the first time since 2023 when it meets later today.

Across the Atlantic, the U.S. Federal Reserve is likely to keep rates on hold at the June 16-17 meeting, but traders see a greater likelihood of a hike as early as October.

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