Oil Prices Hold Firm Amid Escalating Middle East Tensions
Global crude oil prices have remained elevated due to persistent geopolitical tensions in the Middle East. As of Thursday, benchmark prices held above US$84 a barrel, while Brent crude hovered near US$92 a barrel.
The ongoing dialogue between the United States and Iran remains stalled, fueling concerns over energy supplies and maritime trade. Despite US President Donald Trump's assurance that oil shipments through the Strait of Hormuz remain operational, tensions surrounding the waterway have heightened geopolitical risks.
According to the latest data from the US Energy Information Administration, domestic crude inventories rose by 4.4 million barrels last week, while distillate inventories declined by 1.5 million barrels.
The increase in crude inventories has provided some support to oil prices, which have gained over 3% in recent weeks.