Oil prices turn lower as traders weigh impact of renewed US strikes on Iran

Oil prices turned lower on Thursday as traders took profits and evaluated the risks from a new wave of US strikes on Iranian military installations, which fuelled fears of renewed full-scale conflict and supply disruptions in the Strait of Hormuz. The United States struck Iran’s coastal defences and missile sites on Wednesday after reimposing a naval blockade of its ports, while Iran threatened to shut off more regional energy exports, saying it was engaged in an “existential war” with America. After initially rising for a fourth straight session, Brent crude futures slipped 24 cents, or 0.28%, to $84.95 a barrel as of 0435 GMT, while US West Texas Intermediate futures fell15 cents, or 0.19%, to $79.45 a barrel.