On Thursday, oil prices dropped slightly amid escalating military tensions. Investors are closely monitoring the hostilities between the United States and Iran, as recent clashes mark the most significant skirmishes since July, raising global supply concerns. Nevertheless, by midday Wednesday, initial signs of easing tensions appeared, with shipping data revealing a minor decrease in traffic through the Strait of Hormuz.

Oil prices climbed more than 2% after renewed U.S.-Iran fighting raised fresh fears of disruption to shipping and crude exports through the Strait of Hormuz.

On Thursday, oil prices dropped slightly amid escalating military tensions. Investors are closely monitoring the hostilities between the United States and Iran, as recent clashes…