Oil Prices Steady Amid US-Iran Conflict Tensions

Oil prices remained steady on Thursday as investors assessed the outlook for the U.S.-Iran war and the security of shipping through the Strait of Hormuz. The Brent crude futures for October delivery rose 25 cents, or 0.3%, to $91.87 a barrel by 0037 GMT.

U.S. West Texas Intermediate crude futures for September slipped 2 cents to $85.81 a barrel. However, the more active October WTI contract gained 14 cents, or 0.2%, to $84.53.

According to Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment, 'Oil prices remained elevated as the market is supported by sporadic attacks in the Middle East but lacks fresh momentum without a major escalation.'

The UAE's decision to suspend all financial and economic transactions with Iran has refocused attention on strained ties between the two countries. The Strait of Hormuz remains a key concern, with shipping data showing that most shipowners are avoiding the waterway due to a lack of clear signalling on its reopening.