Oil Prices Stable Amid Ongoing Regional Tensions, Dollar Falls to Near Three-Month Low
Oil prices showed some stability at the beginning of Thursday's trading session as investors waited for updates on the war between the United States and Iran. Brent crude futures for October delivery rose by 25 cents, or 0.3%, to $91.87 a barrel, while West Texas Intermediate crude for September delivery fell by 2 cents to $85.81.
However, the September U.S. crude contract is set to expire later on Thursday, and investors remain concerned about the impact of regional tensions on shipping traffic through the Strait of Hormuz. The UAE announced a suspension of all financial and economic transactions with Iran until further notice, while Iran confirmed that the waterway remains closed.
Crude inventories rose by about 4.4 million barrels in the United States, which could limit upward pressure on oil prices. Meanwhile, the dollar fell to near its lowest level in three months due to a plan by the U.S. Treasury to calm the bond market and support liquidity in long-term issues.
The dollar index stood at 98.938, nearing its lowest levels since mid-May, while the euro steadied at $1.1676, close to its highest levels since late May.