Crude oil prices edged lower in early trading Thursday as a technical correction took hold following recent gains. Brent crude futures fell 0.1% to $100.33 per barrel, while WTI crude futures declined 0.2% to $95.57 per barrel. The pullback comes after both benchmarks settled Wednesday at their highest levels since August 2022, driven by supply concerns.

Market volatility stems from ongoing Middle East tensions, with Westpac Strategy Group analysts warning that supply disruptions could limit further price declines. The Strait of Hormuz faces mining operations, and daily shut-ins continue to rise amid persistent hostilities. Analysts project Brent crude will remain within a $95 to $110 range into next week.

Despite Thursday's retreat, fundamental supply risks continue to support oil prices. The combination of geopolitical instability and constrained production capacity creates a floor under the market. Traders remain cautious about potential supply shocks that could quickly reverse the current downward momentum.