Oil price today: Crude continues to trade beyond $95 per barrel

Oil prices continued to trade above $95 per barrel on Thursday, following a volatile session marked by US-Iranian strikes and their potential impact on oil supplies through the Strait of Hormuz. Brent crude settled at $95.33 a barrel, a 0.31% decrease from the previous trading day, while WTI was down to $90.88 a barrel, a 0.14% decline. The recent highs for both benchmarks were the highest since July 24, but Brent ultimately closed 1% higher.

A significant concern for the market was the reduced shipping activity in the Strait of Hormuz, where vessel traffic had fallen below its usual levels. As of Wednesday, only four commodity vessels had made the journey across the waterway, compared to an average of around 13 in the past 10 days, according to preliminary shipping data from Kpler, cited by Reuters.

The strait has effectively been closed since the start of the war between the US and Iran in late February, which has traditionally carried about a fifth of global oil and LNG consumption.

The Islamic Revolutionary Guard Corps warned that the latest US attacks would further impede traffic through the strait. Iran has also expanded the list of non-compliant ships that may face fines, confiscation, or detention if they attempt to pass through the waterway. Two oil tankers were disabled by sea mines while attempting to transit the strait, according to Iran's Revolutionary Guard in a statement shared by state media.

This escalation marked the seventh month of the US-Iran war, with the most recent attacks being the fiercest exchange of fire between Tehran and Washington since July. US President Donald Trump stated that the renewed campaign against Iran would not last too long and claimed that US forces had targeted Iran's radar and missile systems. The US reported the transit of 17 million barrels of oil through the Strait of Hormuz on Monday, describing it as the largest volume since the war began.

Despite the shipping restrictions, global supply efforts aimed to mitigate price increases by searching for alternative sources and relying on reserves. However, those reserves were dwindling. The latest attacks added another layer of uncertainty for oil markets already facing limited movement through the Strait of Hormuz. Prices remained highly volatile during Wednesday's trading, with both Brent and WTI bouncing between gains and losses before closing higher on Thursday.