Oil Prices Steady Amid Supply Disruptions and Escalating Tensions

Oil prices held steady on Wednesday after rising to over one-month highs earlier in the session due to supply disruptions from US and Iranian strikes.

Brent crude futures rose by 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, head of commodity strategy at Saxo Bank, said the market is facing a 'binary risk', either an announcement of a deal being reached or further escalation would significantly impact prices.

Despite this volatility, US Secretary of Energy Chris Wright reported that 17 million barrels of oil transited the Strait of Hormuz on Monday, marking the highest level since the Iran war reduced flows.