Oil stabilizes near $91 following new U.S. strikes in Iran
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Oil prices stabilized on Thursday as market participants balanced the geopolitical impact of new U.S. military strikes against Iranian targets with domestic data showing a significant decline in U.S. crude inventories.
By 06:10 ET (10:10 GMT), the global oil benchmark rose 0.4% to $91.14 per barrel, while U.S. crude futures edged up 0.1% to $84.50 per barrel. Both benchmarks experienced sharp gains during the previous session, driven by intensifying conflict in the Middle East.
The U.S. military confirmed it launched extensive airstrikes targeting several Islamic Revolutionary Guards Corps (IRGC) installations in Iran early Thursday. The operations targeted military command hubs, missile and drone sites, as well as coastal defense and surveillance infrastructure.
This military response followed a ballistic missile launch by Iran toward U.S. military positions in the region, dampening prospects for a near-term diplomatic resolution. Following the interception of those missiles, joint U.S. and Saudi forces conducted retaliatory operations against Iran-aligned militias in Iraq, which Washington linked to strikes on American personnel and Saudi energy assets.
The escalation follows statements from U.S. President Donald Trump, who warned on Wednesday that Tehran would face severe consequences after a missile strike targeted American forces stationed in Jordan.
The regional instability has also affected maritime operations outside the Persian Gulf. Egyptian officials reported drone attacks targeting two natural gas carriers operating off the nation’s coastline.
Meanwhile, in Yemen, Houthi forces have intensified their campaign against commercial shipping and Saudi-linked energy infrastructure near the Red Sea and the Bab el-Mandeb Strait. The group’s efforts to impose a transit blockade have heightened industry concerns regarding rising shipping rates and insurance costs.
The Bab el-Mandeb Strait serves as a critical global shipping corridor, connecting the Red Sea to the Gulf of Aden and facilitating the daily transport of millions of barrels of crude oil and refined petroleum products.
These Red Sea transit challenges coincide with ongoing reductions in shipping volume through the strategic Strait of Hormuz.
On the supply side, the U.S. Energy Information Administration (EIA) revealed that domestic crude stockpiles decreased by 7.2 million barrels last week, reaching their lowest point since 2018. The drawdown contrasted with analyst forecasts of a 700,000-barrel increase, signaling tighter near-term supply conditions in the U.S. market.
Additionally, gasoline inventories held steady at 211.3 million barrels despite robust demand, while distillate stockpiles, including diesel and heating oil, increased by 1.1 million barrels.
