Oil Prices Steady Amid Supply Disruptions Concerns

Oil prices remained steady on Wednesday after reaching one-month highs earlier in the session. The market is weighing the risk of supply disruptions following overnight U.S. and Iranian strikes, but crude supplies continue to reach the market.

Brent crude futures rose by 9 cents to $94.74 a barrel, while U.S. West Texas Intermediate crude futures lost 19 cents to $90.03. The market is highly volatile due to the binary risk of a deal being reached or an escalation in hostilities.

U.S. Secretary of Energy Chris Wright said that 17 million barrels of oil transited the Strait of Hormuz on Monday, marking the highest level since the Iran war reduced flows. However, rising tensions put crossings at risk.