Oil prices edge lower after Wednesday's rise as markets watch tensions between the US and Iran

Oil prices are edging lower after rising on Wednesday. Markets are assessing how likely an end to the war between the United States and Iran is, and whether the Strait of Hormuz will be fully reopened.

North Sea Brent crude was down about one percent at around 77,20 USD per barrel at 16:30 CEST. US light crude WTI was down 1,3 percent at the same time, trading at around 72,60 USD per barrel. Brent and WTI both climbed to their highest levels since 22 June on Wednesday.

The United States launched new airstrikes against Iran on Tuesday, and Iran responded with attacks on Kuwait and Bahrain. US President Donald Trump told reporters on Wednesday evening that he did not know whether the US and Iran were heading towards a full-scale military conflict. He added that Iran had shown interest in reaching an agreement with the US after a series of American strikes.

Oil prices in dollars per barrel (about 159 litres):