Oil prices fell in early Asian trading, possibly due to a technical pullback.

Konstantinos Chrysikos from Kudotrade stated in a report that if the conflict in Iran escalates, there is still room for oil prices to rise. Chrysikos added that the prolonged closure of the Strait of Hormuz continues to disrupt global crude oil supply. The nearest-month West Texas Intermediate crude oil futures fell by 0.6% to $101.56 per barrel; the nearest-month Brent crude oil futures fell by 0.6% to $107.12 per barrel.