WTI oil trims gains on reports stating no US casualties in Iran attack

• WTI oil has pulled back from 8.5-month highs on reports of zero US casualties in Iran's attack. 
• Iran to stop attacks if there is no retaliatory response from the US. 
• OIl is trimming gains on hopes of de-escalation of US-Iran tensions.

West Texas Intermediate (WTI) oil is trimming gains as prospects of a full-blown US-Iran military conflict have weakened with reports stating zero US casualties in Iran's attack on American bases in Iraq conducted early Wednesday. 

The black gold is currently trading near $64.50 per barrel, representing a 2.8% gain on the day, having hit an 8.5-month high of $65.62 an hour ago. 

Prices spiked to multi-month highs after news hit the wires that at least 10 Iranian missiles hit US targets in Iraq. 

It was feared that President Trump would launch a stronger retaliatory attack in response to US casualties. 

However, as per the latest reports from FOX news, the Iranian attack has not done any damage to US troops. Further, Iran has said that it will stop attacking if there is no response from the US. 

All-in-all, the latest reports have triggered hopes of de-escalation of tensions.

While oil has pulled back from session highs, it is still flashing gains on the day as noted earlier, as geopolitical uncertainty is still significantly high. Now, the ball is in President Trump's court and he may feel forced to take a tough stance with elections due in November. Moreover, the President recently said that he would strike back if Iran attacks the US bases. 

Technical levels