Commodities
Oil Prices Steady Amid US-Iran Conflict and Strait of Hormuz Uncertainty
Oil prices remained steady in early Asian trade on Thursday, August 20, as investors kept a close eye on the US-Iran conflict and uncertainty surrounding shipping through the Strait of Hormuz.
Brent crude futures were up 0.22% at $91.69 per barrel, while West Texas Intermediate (WTI) crude futures was down by 0.24 or 0.28% to $84.35 per barrel, according to Mettis Global data.
The market has been supported by sporadic attacks in the Middle East, but lacks fresh momentum without a major escalation, said Hiroyuki Kikukawa, chief strategist at Nissan Securities Investment.
The UAE suspended all financial and economic transactions with Iran until further notice, adding another layer of uncertainty to the regional outlook.