RoydadNaft –  Brent crude futures fell 59 cents, or 0.62%, to $95.04 a barrel. U.S. West Texas Intermediate (WTI) futures dropped 38 cents, or 0.42%, to $90.63 a barrel.

According to Roydad Naft, oil prices eased slightly on Thursday as investors weighed uncertainty over a renewed round of U.S.-Iran military strikes that raised the risk of supply disruptions from the Middle East.

Brent futures were down 59 cents, or 0.62%, at $95.04 a barrel at 5:09 a.m. GMT. U.S. WTI crude futures fell 38 cents, or 0.42%, to $90.63 a barrel.

The latest strikes were the heaviest exchange of fire between the United States and Iran since July, and the war has now entered its seventh month.

In the previous session, Brent and WTI swung between gains of as much as $2 a barrel and losses of as much as $1 a barrel. The session highs for both benchmarks were the strongest since July 24.

Prices pulled back on cautious signs that the latest flare-up was cooling. Tony Sycamore, an IG analyst, wrote in a note that no confirmed exchange of fire had been reported since about midday Wednesday in Sydney.

U.S. President Donald Trump said Wednesday that the new U.S. campaign against Iran would not last “very long” and that American forces had targeted Iranian radar and missile systems.

“We destroyed all the new equipment they had tried to build along the Strait of Hormuz — some defensive, some offensive,” Trump said. “Last night there was a very heavy strike, and we are ready to strike again whenever we want.”

Sycamore added: “If this cooling of tensions holds — and that is a big if — it will not be long before oil moving out through the strait via dark shipping and ship-to-ship transfers returns to last week’s levels.”

Preliminary shipping data from Kpler showed four cargo vessels passing through the Strait of Hormuz on Wednesday, below the 10-day average of about 13.

Iran also added more vessels to the list of ships it considers noncompliant and subject to fines, seizure, or detention if they try to transit the strait.

Two Iraqi energy officials said Wednesday that Iraq’s oil exports rose to about 2.34 million barrels a day in August, up from about 1.35 million barrels a day in July. September exports are also expected to increase, as steep discounts and Iran’s permission for Iraqi tankers to pass through the Strait of Hormuz have encouraged buyers.

The United States said Tuesday that 17 million barrels of oil passed through the Strait of Hormuz on Monday, calling it the largest volume of crude to move through the waterway since the start of the U.S. and Israeli war against Iran.