Oil Prices Steady Amid Ongoing Iran Tensions

Oil prices have been on the rise since late February, when the US and Israel attacked Iran, resulting in the closure of the Strait of Hormuz and disruption of shipments of about a fifth of the world's oil and liquefied natural gas supply.

A ceasefire has been in place since April 8, but tensions remain high as Iranian Foreign Ministry spokesman Esmaeil Baghaei said it was unreasonable to expect quick results from US talks on Thursday evening.

The path of least resistance for crude oil prices remains upward as long as flows through the strait are restricted, according to UBS analyst Giovanni Staunovo. He noted that oil inventories are falling quickly due to an undersupplied market.