Oil prices dip as investors assess trajectory of US-Iran tensions

Oil prices eased in early Asia trade on Thursday, following the previous day’s 4% jump, as investors assessed efforts by the U.S. and Iran to resolve tensions while both sides have stepped up military activity in the key oil-producing region. Brent futures fell 12 cents, or 0.2% to $70.23 a barrel by 0110 GMT, while US West Texas Intermediate (WTI) crude slipped 8 cents, or 0.1%, to trade at $65.11 a barrel. Both benchmarks settled more than 4% higher on Wednesday, posting their highest settlements since January 30, as traders priced in potential supply disruptions amid concerns of U.S.-Iran conflict. “Tensions between Washington and Tehran remain high, but the prevailing view is that full-scale armed conflict is unlikely, prompting a wait-and-see approach,” said Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment, a unit of Nissan Securities.