FX.co ★ Oil Steadies After Thursday Rally

Crude oil held above $84 a barrel on Thursday after surging 6.6% in the previous session, supported by renewed US military action against Iran. President Donald Trump vowed retaliation following an Iranian strike on a US military base in Jordan, intensifying fears that the conflict could become protracted and further jeopardize energy supplies from the Persian Gulf. The escalation has also increased risks to shipping in the Red Sea, a vital alternative trade corridor. US Central Command said its forces carried out a major wave of strikes on dozens of Islamic Revolutionary Guard Corps targets. At the same time, Yemen’s Iran-backed Houthi rebels continued to threaten Saudi Arabia, while Saudi forces joined US operations against Tehran-aligned militants in Iraq. Compounding supply worries, the Caspian Pipeline Consortium halted oil loadings at its Black Sea terminal after two tankers linked to the facility were attacked overnight.