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Oil Prices Dip But Stay Close To One-month Highs

RTTNews | 57 days ago

Oil Prices Dip But Stay Close To One-month Highs

(RTTNews) - Oil prices were slightly lower on Thursday but stayed close to one-month highs after Iran said it has no plans for negotiations and remains focused on its defense.

Brent crude futures dropped nearly 1 percent to $84.17 a barrel after three consecutive sessions of gains. WTI crude futures were down half a percent at $79.18.

After the United States launched a new wave of attacks in multiple locations across Iran on Wednesday night, Iran retaliated by launching fresh attacks on U.S. military bases in neighboring Gulf States.

The Iranian government warned the U.S. it would "key targets" in the Middle East if its infrastructure is targeted.

Earlier this week, U.S. President Donald trump had warned the U.S. would knock out Iranian power plants and bridges unless they get to the table and negotiate.

Trump has defended Washington's ongoing military action against Iran and said Teheran will be "defeated very soon".

Media reports suggest that Trump is leaning toward further expanding U.S. military operations in Iran, including sending ground forces and the possible seizure of Kharg Island, Iran's primary oil export terminal.

Iran's top negotiator, Mohammed Bagher Ghalibaf, has declared that the county's armed forces have "complete freedom of action" against the "enemy's aggression".

Iran is fighting an "existential war" against the United States as Washington pursues objectives that extend beyond changing Iran's government, Ghalibaf said.

Elsewhere, at least 200 Ukrainian drones were launched toward Moscow overnight into Thursday morning, targeting Russian fuel production facilities and oil tankers.

Russia's Defense Ministry said its forces downed at least 375 Ukrainian drones overnight.

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