Crude oil prices fell on Thursday, June 4, reversing sharp gains from the previous session.
Prices surged on Wednesday as escalating U.S.-Iran tensions threatened a fragile ceasefire. Iran launched ballistic missiles, which triggered retaliatory strikes from the United States.
The military actions stoked market fears of potential shipping disruptions through the Strait of Hormuz.
Traders are now assessing the fluid geopolitical situation following the initial price spike.