U.S. oil futures have seen recent fluctuations due to geopolitical tensions. Following a U.S. attack on Iran after an Iranian strike on a ship in the Strait of Hormuz, oil prices climbed above $70 a barrel, rising 1.5% to $70.24 after previously settling down by 3.7%. However, optimism regarding crude flows through the Strait has led to a return to pre-war pricing levels, with Brent crude settling at $71.99 (down 4.3%) and WTI at $69.23 (down 3.7%). Market participants are reassured by improved transportation conditions despite recent threats to maritime security.

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https://www.wsj.com/finance/commodities-futures/oil-futures-fall-on-likely-technical-correction-93e57fe0

Oil Prices Rise Above $70 on Iran Strike

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1749 ET – U.S. oil futures climb back above $70 a barrel in late trading after the U.S. launched a fresh attack on Iran a day after Tehran struck a ship in the Strait of Hormuz. WTI, which had settled down 3.7% near pre-war levels, rises 1.5%, to $70.24. The muted oil response was accompanied by a slight fall in the 10-year Treasury yield, to 4.3666%.(patrick.sullivan@wsj.com)

Oil Returns to Pre-War Level on Middle East Optimism

1513 ET – Oil futures resume their slide on optimism about flows through the Strait of Hormuz, with key benchmarks settling at or near pre-war levels. “Recent data show that crude flows have recovered to high levels, helping restore confidence among market participants,” Antonio Di Giacomo of XS.com says in a note. Thursday’s attack on a cargo ship temporarily raised concerns about maritime security, but “traders viewed it as an isolated event and remained focused on the broader improvement in transportation and export conditions.” Brent settles down 4.3% at $71.99 a barrel, its lowest since Feb. 26. WTI falls 3.7% to $69.23, its lowest close since Feb. 27. (anthony.harrup@wsj.com)