US-Iran war, July 30 -- Oil prices pared some of their recent gains on Thursday as crude shipments from the Middle East continued despite escalating geopolitical tensions and the widening conflict between the United States and Iran.

Brent crude futures declined 79 cents, or 0.9%, to $87.30 per barrel, while US West Texas Intermediate (WTI) crude fell 76 cents, or 0.9%, to $83.70 per barrel.

The pullback came after a sharp rally in the previous session, when Brent surged 7.91% and WTI climbed 6.56%, marking one of the biggest gains since the outbreak of the US-Iran conflict. The rebound had followed a nearly 5% drop on Tuesday after a temporary lull in hostilities.

US President Donald Trump was quoted as saying by Fox News that Iran wou...