Comments from Israel support Washington's contention that  strikes on Iran may end soon: File Image/Pixabay

Oil trading on Thursday was once again muted, with investors taking in stride the latest round of U.S. strikes on Iran and Israel stating that its primary objective is toppling Tehran’s Islamic regime.

Brent settled down 11 cents at $95.52 per barrel while West Texas Intermediate settled up 29 cents to $91.30; despite these tepid numbers, oil was heading for its biggest weekly gain since July, with WTI up more than 9 percent for the week.

Ole Hansen, analyst at Saxo Bank, said the only thing causing forward momentum in trading on Thursday was Israeli defence minister Israel Katz warning Iran that it would "cripple" its military and civilian infrastructure, including energy facilities, if Tehran launched attacks against it.

This was accompanied by Israeli prime minister Benjamin Netanyahu, who said of toppling the Islamic regime, “I am convinced of our ability to remove this threat once and for all” and added that the leadership was “weaker than ever” and “fighting for its life.”

U.S. president Donald Trump echoed the opinion of military strategists by saying he did not expect this week’s strikes to escalate further: “I don’t think it will be very much longer; I don’t know how much more they can take.”

Meanwhile, Russian president Vladimir Putin on Thursday told delegates at an economic forum that there was a chance of reaching an agreement to end the war in Ukraine and that a peace settlement would be supported by countries including the U.S. and China.

Phil Flynn, senior market analyst at Price Futures Group Inc., said Putin’s comments could ease concern about Russian fuel supply disruptions.