Oil prices edge lower on Thursday

Oil prices edged lower on Thursday as investors weighed uncertainty over renewed US-Iran military strikes and the risk of supply disruptions in the Middle East.

Brent crude futures fell 56 cents, or 0.6 per cent, to $95.07 a barrel at 0752 GMT, while US West Texas Intermediate (WTI) crude futures dropped 50 cents, or 0.6 per cent, to $90.51. Both contracts posted their first decline in four sessions.

The latest US strikes on Iran marked the most substantial exchange of fire between the two countries since July, with the conflict now in its seventh month. Six commodity vessels transited the Strait of Hormuz on Wednesday, down from 11 a day earlier and below the 10-day average of around 13, preliminary shipping data showed.

Iran also added more ships to a list of vessels it considers non-compliant and subject to fines, confiscation or detention if they attempt to sail through the strait.

Meanwhile, Iraq increased oil exports to around 2.34 million barrels per day (bpd) in August from about 1.35 million bpd in July, with September exports also expected to rise as discounts and Iranian approvals for Iraqi tankers to transit Hormuz encouraged buyers.

Attribution: Reuters