Iran vs US: Global crude oil prices drop

Global crude oil prices dropped despite the airstrikes’ resurgence between the United States and Iran.

Checks by DAILY POST showed that Brent and West Texas Intermediate crude declined by 2 percent to $76 and $71 per barrel, respectively, at the time of reporting from $77 and $73.

The respite in global oil prices on Thursday comes after US President Donald Trump had earlier announced an end to the ceasefire with Iran, which led to a price spike on Wednesday.

Recall that on Wednesday, the Trump-led US launched fresh deadly airstrikes against Iran.

Thereafter, in a retaliatory strike, Iran hit US allies Bahrain, Kuwait, and Qatar.