Global crude oil prices dropped despite the airstrikes’ resurgence between the United States and Iran.
Checks showed that Brent and West Texas Intermediate crude declined by 2 percent to $76 and $71 per barrel, respectively, at the time of reporting from $77 and $73.
The respite in global oil prices on Thursday comes after US President Donald Trump had earlier announced an end to the ceasefire with Iran, which led to a price spike on Wednesday.
Recall that on Wednesday, the Trump-led US launched fresh deadly airstrikes against Iran. Thereafter, in a retaliatory strike, Iran hit US allies Bahrain, Kuwait, and Qatar.