Commodities
Oil Prices Steady Amid Lebanon Tensions and Hormuz Risks
Oil prices stabilized on August 16 as tensions in Lebanon and risks to shipping through the Strait of Hormuz came into focus.
Fighting between Israel and Hezbollah resulted in Lebanon's deadliest day of violence in months, while US-Iran relations remained strained with no clear path forward for a deal to end the war.
Brent crude climbed towards $89 per barrel after gaining 6% last week, while West Texas Intermediate was near $82 per barrel.
Despite attacks on vessels in Hormuz, Middle Eastern producers continue to ship large volumes of oil out of the Persian Gulf, with flows exceeding market estimates of 4 million barrels per day.