Oil Prices Steady Amid Iran Sanctions Tensions

Oil prices held steady in early Asian trade on Thursday after U.S. President Donald Trump announced more economic sanctions against Iran.

The move was seen as a response to continued tensions over access to the Strait of Hormuz, with commercial traffic remaining at a fraction of pre-war levels despite claims by U.S. officials that the waterway is open.

The U.S. dollar-denominated crude benchmark rose 0.25% to $91.85 a barrel, while the international benchmark added 0.15% to $84.52 a barrel.

Trump warned against any country engaging in business with Iran, calling his plans 'the most crushing economic operation ever taken against any country.'