Oil Prices Steady Amid Shipping Data Focus

Oil prices remained steady on Friday and are on track for a monthly rise as traders assess supply flows through key maritime chokepoints. Brent futures rose 47 cents, or 0.53%, to $89.50 a barrel by 0952 GMT, while US West Texas Intermediate (WTI) crude gained 4 cents, or 0.05%, to $83.63 a barrel.

The market's focus has shifted from war-related risks to shipping data, according to Ole Hvalbye, market analyst at SEB Research. 'The market has stopped trading the war and started trading the shipping data,' he said.

Traffic through the Strait of Hormuz remained thin on Friday despite two very large crude carriers (VLCCs) exiting the waterway. However, 29 commodity vessels passed through the Bab el-Mandeb strait on Thursday.