Oil Prices Steady Amid Lebanon Tensions and Hormuz Attacks

Oil prices steadied as tensions in Lebanon and attacks on vessels in the Strait of Hormuz weighed on the prospects for a US-Iran war deal.

The Brent crude price remained below $89 a barrel, after gaining 6% last week, while West Texas Intermediate was near $83 per barrel.

Lebanon saw its deadliest day of fighting in months on August 16, as Israel struck Iran-backed Hezbollah, while wider negotiations between Iran and the US appeared to be at a standstill.

More ships came under attack in Hormuz late last week, including vessels affiliated with Abu Dhabi National Oil Co., but Middle Eastern producers continue to ship large volumes of crude out of the Persian Gulf, with flows running higher than market estimates of 4 million barrels per day.