WTI crude oil futures pared its early session rally to trade below $75 per barrel on Thursday, only marginally below a five-month high, after President Trump's announcement that he will decide on US involvement in the Israel–Iran conflict "within two weeks" defused the immediacy of a Middle East supply shock.
Earlier, renewed missile exchanges between Israel and Iran after Tel Aviv claimed to have struck nuclear targets in Iran had stoked fears of an escalation severe enough to threaten tanker traffic through the Strait of Hormuz, driving prices briefly above $77.
Trump's initial "may attack, may not attack" warnings had amplified that risk premium, but by postponing any potential US airstrike beyond the near-term horizon, he triggered profit-taking.
At the same time, the dollar held most of its losses from the start of the quarter as uncertain economic policy in the US drove investors to pivot away from green-back denominated assets, supporting commodities priced in the currency.
Source: Trading Economi
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