Oil Prices Steady Amid Ongoing US-Iran Tensions
Oil prices remained steady on Wednesday after climbing to over one-month highs as traders weighed the risks of supply disruptions following overnight US and Iranian strikes against signs that crude supplies continue to reach the market.
Brent crude futures rose 9 cents, or 0.1%, to $94.74 a barrel by 0805 GMT, while U.S. West Texas Intermediate crude futures lost 19 cents, or 0.21%, to $90.03.
Ole Hansen, Saxo Bank's head of commodity strategy, said the market is facing 'a binary risk,' with prices potentially tumbling if a deal is reached or escalating further undermining the prospect of a peace deal.
The US and Iran were back on a war footing on Wednesday after the most significant exchange of fire in weeks, with Washington threatening more devastating strikes.