Oil Prices Steady Amid Middle East Uncertainty

Crude oil prices steadied above $90 per barrel on Thursday after rising in the previous session.

The recovery was attributed to an increase in crude shipments from the Middle East, with flows through the Strait of Hormuz climbing to 13.2 million barrels per day.

Saudi Arabia had restored half the capacity of its East-West pipeline, contributing to the surge in oil production.

However, markets remain cautious about the durability of the recovery without a lasting agreement to end the Iran war.

Iranian government spokesperson Fatemeh Mohajerani confirmed that Tehran had received a US proposal regarding the reopening of the strait.