Oil futures finished lower on Thursday, with U.S. benchmark prices settling at their lowest in two weeks. “The ongoing conflict between Israel and Hamas is causing volatility in crude prices despite having minimal direct impact on actual oil supply and demand conditions,” said Brian Swan, senior commodity analyst at Schneider Electric.
“The primary risk associated with the ongoing conflict is the potential for stricter sanctions against Iranian oil exports due to Iran’s support of Hamas,” he said. December West Texas Intermediate crude CLZ23, -2.68% fell $2.18, or nearly 2.6%, to settle at $83.21 a barrel on the New York Mercantile Exchange. That was the lowest finish for a front-month contract since Oct. 12, according to FactSet data.
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