Hormuz Flows Hang in Balance as Oil Prices Steady Amid Market Cautiousness

Oil prices remained steady on Thursday amid market caution over whether talks between Iran and Oman will restore flows through the Strait of Hormuz.

Brent crude futures gained nine cents, or 0.11%, to $79.54 a barrel, while US West Texas Intermediate futures added five cents, or 0.07%, to $75.27 a barrel.

The Strait of Hormuz handled about one-fifth of global daily oil and liquefied natural gas supplies before the war in Iran.

Traders are still wary of the short-lived Memorandum of Understanding signed in June, which made them anxious that any new deal could prove equally fragile, according to Tim Waterer, chief market analyst at KCM Trade.

A proposed deal between Iran and Oman would give Tehran control over ships entering the Gulf through the Strait of Hormuz, a senior Iranian source and two regional officials told Reuters.