Oil Prices Slip Despite New Attacks Across the Middle East

Crude oil prices ticked lower today on reports that oil tankers were still passing through the Bab el-Mandeb Strait, despite information about renewed strikes between the U.S. and Iran, and a drone attack on a tanker in an Egyptian port. At the time of writing, Brent crude was trading at $89.46 per barrel, with West Texas Intermediate at $83.54 per barrel, both down by about 1% since Wednesday’s close. Meanwhile, the U.S.

Central Command announced renewed strikes on targets in Iran on Wednesday, saying “The strikes are a powerful response…

Market Context

Global crude oil markets remain sensitive to a combination of macroeconomic signals, OPEC+ production policy, and geopolitical developments across key producing regions. Brent crude and WTI serve as the primary price benchmarks, with spread movements reflecting regional supply-demand imbalances and refinery demand shifts.

Energy traders and analysts closely monitor inventory data from the U.S. Energy Information Administration (EIA), which releases weekly petroleum status reports that frequently move markets. Rising inventories typically signal demand weakness or oversupply, while draws support price recovery.

What to Watch

Analysts and traders will be watching upcoming EIA inventory reports, OPEC+ output decisions, and macroeconomic indicators — particularly U.S. Federal Reserve policy signals and China demand data — for directional cues on crude prices in the near term.