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Oil prices edged lower on Thursday after surging in the previous session, as markets paused following a sharp rally triggered by renewed U.S. military strikes on Iran. Brent crude slipped to around $77.70 per barrel and WTI crude eased to approximately $73.40, after posting their biggest daily gains in months on Wednesday.
The earlier rally was driven by escalating tensions in the Middle East after the U.S. launched fresh strikes against Iran in response to attacks on commercial shipping in the Strait of Hormuz. President Donald Trump also stated that negotiations with Iran were no longer a priority and declared the ceasefire effectively over.
Despite the slight pullback, markets remain focused on the risk of supply disruptions through the Strait of Hormuz, one of the world’s most important oil transit routes.
In the stock market, U.S. stock futures edged higher on Thursday after Wednesday’s selloff, as investors continued to monitor escalating tensions between the U.S. and Iran and their impact on oil prices. Dow, S&P 500, and Nasdaq 100 futures all posted modest gains.
Asian markets mostly rebounded, led by strong gains in South Korea and Japan, while Australian stocks declined and Chinese markets were mixed.
Markets remain focused on the Middle East after the U.S. launched new strikes against Iran in response to attacks on commercial shipping in the Strait of Hormuz. The renewed conflict has pushed oil prices higher, raising concerns that elevated energy costs could reignite inflation and delay Federal Reserve interest rate cuts.
On Wall Street, the Dow Jones fell more than 1% on Wednesday as higher oil prices weighed on sentiment, while the Nasdaq managed a slight gain thanks to strength in semiconductor stocks, including Nvidia.
Investors are now looking ahead to U.S. weekly jobless claims and existing home sales data, while the latest FOMC minutes reinforced expectations that the Federal Reserve will remain cautious about cutting interest rates until inflation shows more sustained improvement.
Gold prices extended their rebound on Thursday, climbing back above $4,100 as the U.S. dollar weakened following the release of the latest FOMC meeting minutes, which showed policymakers remain divided on the outlook for interest rates.
However, gains in gold may remain limited as renewed hostilities between the U.S. and Iran have increased inflation concerns, reinforcing expectations that the Federal Reserve could keep interest rates higher for longer. Markets are still pricing in around a 70% chance of a rate hike in September, providing underlying support for the U.S. dollar.
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