Oil prices fell about 1% today as investors took profits and assessed risks from a new wave of US strikes targeting Iranian military facilities, fueling fears of a return to all-out war and disruption of supplies through the Strait of Hormuz.

The United States launched strikes on Iranian coastal defenses and missile sites yesterday after reimposing a naval blockade on Iranian ports, while Tehran threatened to disrupt more energy exports from the region, saying it is waging a 'war of survival' with the United States.

Highest level

After prices rose at the start of trading for the fourth consecutive session, Brent crude futures fell 58 cents, or 0.68%, to $84.37 a barrel, while US West Texas Intermediate crude futures fell 19 cents, or 0.24%, to $79.41 a barrel.

Brent crude rose by about $1 earlier in the session, while both crudes remained near their highest levels in a month.

Priyanka Sachdeva, senior market analyst, said: 'Geopolitical risks continue to provide strong support for oil prices, but after a strong rally, traders are adopting a wait-and-see approach. The focus has shifted from the threat itself to whether it will lead to any tangible disruption of oil flows, and to how both the United States and Iran will react in the coming days.'