Oil Prices Stabilize Amid US-Iran War Tensions

Oil prices showed some stability at the start of Asian trading on Thursday, following a rise in the previous session and strong monthly gains. Brent crude rose by 12 cents to $98.15 a barrel, while U.S. West Texas Intermediate fell by 7 cents to $90.35.

The two benchmarks had increased by about a dollar during Wednesday's session. Brent achieved a significant gain of around 14% in September, the largest since July, with West Texas Intermediate rising by approximately 5%.

According to an analyst at Fujitomi Securities, supply concerns still support prices due to stalled negotiations to end the war between the U.S. and Iran. However, improved oil exports from the Middle East have limited gains, particularly as Saudi Arabia resumed its exports from the Yanbu port on the Red Sea.