Hormuz Impasse Keeps Oil Prices Near Peak

Oil prices remained steady in early trade on Thursday as investors assessed the situation following the impasse over the Strait of Hormuz. Brent crude futures for October delivery rose by $0.25, or 0.3%, to $91.87 a barrel.

The more active October WTI contract gained 14 cents, or 0.2%, to $84.53. The September WTI contract slipped 2 cents to $85.81 a barrel, with its expiration later on Thursday.

According to Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment, 'the market is likely to maintain a gradual upward trend given uncertainty over peace talks and tensions involving the United Arab Emirates, Oman, and Iran.'