Oil Prices Steady Amid Stalled Iran Diplomacy

Oil prices remain steady as diplomatic efforts to resolve the Iran war stall. U.S. President Donald Trump's comments, demanding that Iran surrender and threatening to bomb Oman, have been met with caution from investors.

Brent crude futures are up 6 cents at $88.58 a barrel, while U.S. West Texas Intermediate crude futures fell 18 cents to $82.22 a barrel. John Kilduff, partner at Again Capital, said 'it will take more than this rhetoric' to move the market.

Iran has threatened to escalate tensions in the Strait of Hormuz and beyond if the U.S. fails to implement an interim peace deal fully within weeks. Prices are unlikely to move substantially higher unless there is a halt in crude flow through the strait or its closure, according to Bjarne Schieldrop at SEB Research.