Commodities
Oil Prices Consolidate Amid Ongoing US-Iran Tensions
Oil prices have consolidated after last week's surge, with ongoing uncertainty over US-Iran relations and the security of the Strait of Hormuz continuing to support crude prices.
Brent crude futures rose 0.25% to $88.32 a barrel, while US West Texas Intermediate (WTI) crude futures declined 0.55% to $81 a barrel as of 11:35 a.m. IST.
The uncertainty is fueled by the conflict in West Asia, with Iran-backed Houthi forces in Yemen continuing attacks on vessels in the Bab al-Mandab Strait, raising concerns over further disruptions to oil flows from the region.