Oil Prices Steady Amid US-Iran Conflict Outlook

Oil prices remained steady in early trade on Thursday as investors assessed the outlook for the US-Iran conflict and the security of shipping through the Strait of Hormuz.

The Brent crude futures for October delivery rose by $0.25, or 0.3%, to $91.87 a barrel, while the US West Texas Intermediate (WTI) futures for September slipped by $0.02 to $85.81 a barrel.

According to Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment, 'the market is likely to maintain a gradual upward trend given uncertainty over peace talks and tensions involving the United Arab Emirates, Oman, and Iran.'

The UAE's decision to suspend all financial and economic transactions with Iran has refocused attention on strained ties between the two nations.