Oil fell Thursday, as traders assess a report that Asia is on track to import its highest volume of crude oil since the start of the US-Iran war.

At the start of the Iran war, many feared that Tehran's closure of the Strait of Hormuz would send oil prices through the roof and throttle the global economy

Bank of America raised its Brent oil price target to $95 and warned prices could top $150 if Iran war supply disruptions last into spring 2027.

By Helen Clark PERTH, Sept 23 (Reuters) - Oil prices drifted lower on Wednesday as Saudi Arabia began restoring crude supply on a critical pipeline to the Red Sea and on hopes for a diplomatic solution to the US-Iran war through talks at the UN in New York.

Oil prices fell. Brent had recovered above $100 per barrel but the gains were capped after a surprise build in U.S. crude oil inventories, said ANZ.

Oil rose Tuesday, amid concerns of growing Iran-U.S. tensions. after U.S. Treasury Secretary Scott Bessent told CNBC that all Iranian airlines will be shut down from Wednesday.

Oil prices rose on Monday after Yemen's Iran-backed Houthis launched missile and drone strikes at Saudi Arabia's capital Riyadh on Saturday, escalating tension in the Middle East while the US and Iran remained in stalemate.

Mohammad Bagher Ghalibaf, Iran's Speaker of Parliament, has frequently trolled Trump over the Strait of Hormuz. This week, he was taunting the Fed.