Oil Prices Hold Gains Amid Middle East Tensions
Oil prices have maintained their gains over the past four days as traders assess the ongoing standoff between Iran and the US. The Strait of Hormuz, a critical waterway for global oil shipments, has seen some crude being transported to markets despite tensions in the region.
The West Texas Intermediate (WTI) for October traded near $85 per barrel, while Brent closed at around $92. Speaking to reporters on Wednesday, President Donald Trump stated that there was 'a lot of oil' passing through the waterway.
Trump also hinted at a possible resumption of talks with Tehran, saying 'maybe at some point'. The UAE has cut all economic ties with Iran after accusing it of firing ballistic missiles at its territory, a move likely to increase the Islamic Republic's isolation as it seeks to resist continued US pressure.