Oil prices slip as US-Iran tensions keep markets on edge

BAGHDAD, Iraq — LONDON — Oil prices edged lower in Thursday trading as traders tracked developments in the military standoff between the United States and Iran. Brent crude futures fell 43 cents, or 0.45%, to $95.20 a barrel, while U.S. West Texas Intermediate futures dropped 24 cents, or 0.26%, to $90.77. The two benchmarks had hit their highest levels since July 24 in the previous session and swung between roughly $2 gains and $1 losses during Thursday's trading. Kpler, an analytics firm, reported in preliminary data that four commercial tankers transited the Strait of Hormuz on Wednesday, compared with a 10-day average of about 13 vessels. Iran has expanded a list of ships that could face penalties, seizure or detention if they attempt to cross the strait. The United States said about 17 million barrels of oil passed through the Strait of Hormuz on Monday, the highest daily volume since the start of the U.S.-Iran conflict.