Quick overview

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Oil prices dipped amid reports of the US’s potential involvement in the Israel-Iran conflict.  A stronger dollar also provided some resistance to the recent surge in crude prices.

 

Early Trading saw oil prices drop as much as 1%. Still, they quickly reduced their losses after Bloomberg revealed American officials were getting ready for the potential of an attack on Iran. While West Texas Intermediate crude futures fell 0.2 percent to $73.34 a barrel, Brent oil futures for August fell to $76.4.

Bloomberg reported on Thursday that senior U.S. officials are getting ready for a strike against Iran by this weekend, though the details are still unknown.

The Bloomberg report, which cited people familiar with the situation, stated that senior American officials are getting ready for a possible attack in the days ahead, with the weekend being viewed as a potential window to strike.
Several federal agencies’ top executives were also observed getting ready for a possible assault, according to the report.

A direct US strike on Iran might signal a significant escalation in the Israel-Iran conflict, given Tehran’s warnings of severe repercussions.

Today’s event marked the seventh day of strikes between Israel and Iran, with little indication that the Middle Eastern conflict is de-escalating. America. position on direct engagement in the conflict has also remained unclear, particularly in light of President Donald Trump’s conflict-related remarks.