Crude Oil Falls 2%

US crude futures gave up earlier gains to fall as much as 2% to $94 per barrel, as traders digested remarks from President Donald Trump and Treasury Secretary Scott Bessent. Trump said the US is not considering deploying ground troops in the Middle East, while Bessent suggested Iran’s regime could collapse internally. US intelligence chief Tulsi Gabbard also noted differing objectives between the US and Israel in their campaign involving Iran. Oil prices have surged roughly 50% since the war began, as the Iran conflict effectively shut the Strait of Hormuz and prompted major Middle Eastern producers to significantly curb output.

WTI crude futures rose to $99 per barrel on Thursday, extending gains as fresh attacks on key energy infrastructure in the Middle East heightened concerns over disruptions to global oil and gas flows. Iran launched missile strikes on a Qatari facility housing the world’s largest LNG export plant, marking one of several energy assets Tehran vowed to target following an Israeli strike on Iran’s South Pars gas field. US President Donald Trump said he had prior knowledge of the Israeli attack on the South Pars field but urged against further strikes on Iranian energy sites. Meanwhile, Trump temporarily waived the Jones Act to help reduce the cost of transporting oil, gas, and other commodities across the US, allowing foreign-flagged vessels to operate between US ports for the next 60 days. Oil prices have surged roughly 50% since the war began, as the Iran conflict effectively shut the Strait of Hormuz and prompted major Middle Eastern producers to significantly curb output.

WTI crude futures held at around $97 per barrel on Thursday, extending gains as fresh attacks on key energy infrastructure in the Middle East heightened concerns over disruptions to global oil and gas flows. Iran launched missile strikes on a Qatari facility housing the world’s largest LNG export plant, marking one of several energy assets Tehran vowed to target following an Israeli strike on Iran’s South Pars gas field. US President Donald Trump said he had prior knowledge of the Israeli attack on the South Pars field but urged against further strikes on Iranian energy sites. Meanwhile, Trump temporarily waived the Jones Act to help reduce the cost of transporting oil, gas, and other commodities across the US, allowing foreign-flagged vessels to operate between US ports for the next 60 days. Oil prices have surged roughly 50% since the war began, as the Iran conflict effectively shut the Strait of Hormuz and prompted major Middle Eastern producers to significantly curb output.