Why are oil prices down today, and will Brent and US WTI crude futures continue to drop or rise again? Oil markets changed direction on Thursday after reports suggested the United States and Iran reached an agreement for a ceasefire extension. Traders had earlier pushed prices higher after Iran’s Revolutionary Guards claimed responsibility for targeting a US airbase following attacks on Bandar Abbas. However, prices later fell after reports from Axios and fresh US oil inventory data changed market sentiment. Brent crude futures and US West Texas Intermediate futures continue to react to geopolitical developments, Strait of Hormuz traffic, US stockpiles, and statements linked to President Donald Trump.
