Crude oil prices have fallen slightly in the international market amid renewed military conflict between the United States and Iran.
According to a report by Qatar-based media outlet Al Jazeera, the price of international benchmark Brent crude fell by 43 cents, or 0.45 percent, per barrel as of 12:30 GMT on Thursday, bringing the price of Brent to $95.20 per barrel.
On the other hand, the price of US West Texas Intermediate (WTI) crude fell 24 cents, or 0.26 percent, to $90.77 per barrel.
Market analysts say the risk of a US-Iran conflict still exists. If the conflict spreads, oil supplies in the Middle East could be disrupted. Investors are keeping a close eye on the situation due to this fear.
Meanwhile, renewed talks have begun over the Strait of Hormuz amid the conflict between the United States and Iran. US President Donald Trump has proposed renaming the strait “Trump Strait” after himself.
Trump made the proposal in a post on his social media account Truth Social on Wednesday.
In the post on social media, Trump wrote that the Strait of Hormuz is now under full control of the United States. Therefore, it may be worth considering whether the name of this strait should be changed to the ‘Trump Strait’.
