Oil Retraces From Four-Year High as War Fears Dampen Liquidity

Brent crude cooled off after ripping to a four-year high as the market braced for a protracted US war with Iran, in a session marked by machine-led trading and thin volumes.

The global benchmark’s June contract edged lower to settle near $114 a barrel after earlier surpassing $126 — the highest since the aftermath of Russia’s invasion of Ukraine in 2022. Volumes were low ahead of its expiry at the end of the session as investors closed out positions, contributing to heightened volatility. Some traders suggested prices were moving closer in line with the next, lower-priced July contract.