Iran Opens Strait of Hormuz to Some Chinese Vessels, Oil Prices Stabilize

Oil prices remained steady on Thursday after Iran's state media reported that about 30 vessels had crossed the Strait of Hormuz in recent hours.

The semi-official Fars news agency cited a source saying that Iran had begun allowing transit for some Chinese vessels, easing tensions at the key energy gateway.

Brent crude oil futures were flat at $105.63 per barrel, while U.S. West Texas Intermediate futures rose 1 cent to $101.03 after erasing earlier gains.

The White House said that President Donald Trump and Chinese President Xi Jinping agreed that the Strait of Hormuz must be open for the free flow of energy during their meeting in Beijing.