Oil Prices Hold Steady Amid US-Iran Tensions
Oil prices remained steady on Monday, holding onto gains made last week, as prospects for a lasting US-Iran peace deal appear increasingly remote and fears of supply disruptions in the Strait of Hormuz persist.
Brent crude futures were unchanged at $88.55 by 0128 GMT, while U.S. West Texas Intermediate crude futures slipped 14 cents to $82.26 a barrel.
The prices had gained more than 5% last week following attacks on tankers operated by Abu Dhabi National Oil Company in the Hormuz strait and on a Saudi Aramco refinery.
Absence of clear evidence of renewed aggression in the Strait of Hormuz, particularly material damage to tankers or oil infrastructure, may limit upside from current levels, according to Priyanka Sachdeva, head of market insights for Phillip Nova in Singapore.