Oil Prices Stabilize Amid Escalating Geopolitical Tensions

Oil prices remained stable on Friday after registering losses in the previous day, hovering around $89.50 per barrel during Asian hours.

This comes as the US military escorted 40 commercial vessels carrying approximately 18 million barrels of oil through the Strait of Hormuz earlier this week.

The successful defense against multiple drone attacks and a cruise missile is said to have helped stabilize market sentiment regarding supply route security, putting slight downward pressure on global crude prices.

However, broader geopolitical tensions continue to exert upward price pressures, as recent US strikes on Iran and renewed Israeli threats against Tehran have reignited fears of regional supply disruptions.