Oil Prices Hold Steady After Rally

(RTTNews) - Oil prices were little changed on Thursday after rising sharply in the previous session amid escalating tensions in the Middle East, with the conflict now expanding beyond Hormuz into the Red Sea.

Brent crude futures edged up slightly toward $91 a barrel after climbing 7.9 percent in the U.S. trading session. WTI crude futures were down 0.4 percent at $84.15 after rallying 6.6 percent overnight.

The United States carried out fresh strikes on Iran on Wednesday, further intensifying a five-month-old war that is spreading beyond its main fronts to embroil more countries across the region.

The latest escalation came after a drone struck a U.S.-owned gas storage tanker at Egypt's Mediterranean port of Damietta and Iran fired missiles targeting U.S troops in Jordan.

Supply worries were compounded after U.S. President Trump vowed to hit Iran "hard" in response to attacks on American forces in the Middle East.

U.S. and Saudi fighter aircraft struck multiple terrorist logistics and weapons sites across eastern Iraq in a strong response to over 30 IRGC-directed aerial drone attacks in the last 72 hours, Centcom said.

As hopes dim for a quick resolution, Saudi Arabia has joined U.S. strikes on Iran-backed militias after months of avoiding direct involvement.

An Iranian missile struck a Chinese firm's building in northern Kuwait today, severely damaging the structure and killing a worker.