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U.S. President Donald Trump said on Wednesday that the renewed U.S. campaign against Iran would not continue for "too long". He said U.S. forces had targeted Iran's radar and missile systems. Crude oil price on September 3 Brent crude futures were down 43 cents, or 0.45%, at $95.2 a barrel, while U.S. West Texas Intermediate crude futures fell 24 cents, or 0.26%, to $90.77. The latest attacks marked the most significant exchange of fire between the U.S. and Iran since July, with the war now in its seventh month. Also read: Iran-US attacks restart: Refiners in the crosshairs again as some Gulf cargoes stand delayed, cancelled Trump said the U.S. had destroyed "all of the new equipment" Iran had attempted to build along the Strait of Hormuz, including defensive and offensive systems, describing the attack as "very heavy" and saying U.S. forces were prepared to carry out another attack at any time. Shipping through the Strait of Hormuz also remained below normal levels. Four commodity vessels passed through the waterway on Wednesday, according to Reuters, compared with a 10-day average of around 13 vessels. Iran has also added more ships to a list of vessels it considers non-compliant and said they could face fines, confiscation or detention if they attempt to sail through the strait. Where are prices headed? For crude markets, the duration of the disruption will be critical. JPMorgan estimates that every additional month of disruption could add around $7 to $8 a barrel to Brent prices. If the disruption lasts three months, the bank expects average monthly Brent prices to reach around $114 a barrel. Goldman Sachs has also warned that Brent could climb to $120 a barrel if shipping disruptions through the Strait of Hormuz, the world's most important oil transit route, persist. Its base case, however, assumes that tensions in the Middle East will eventually ease. The bank expects Brent to average $80 a barrel in the fourth quarter and $75 a barrel next year, while warning that the risks remain skewed to the upside if disruptions in the Strait of Hormuz and the Red Sea last longer than expected. Read more: Ali al-Taher ridge emerges as flashpoint in Israel-Hezbollah war Ponmudi R, CEO of Enrich Money, said crude prices would continue to be closely tied to developments around the Strait of Hormuz. He said a sustained recovery in shipping flows could further reduce the geopolitical premium in crude and offer relief to emerging-market equities, while a fresh disruption could quickly reverse that trend. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times) (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
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