Oil Prices Steady Amid US-Iran Conflict Uncertainty
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 U.S. West Texas Intermediate crude futures for September slipped by $0.02 to $85.81 a barrel. The more active October WTI contract gained $0.14, or 0.2%, to $84.53.
According to Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment, the market remains supported by sporadic attacks in the Middle East but lacks fresh momentum without a major escalation.
The Strait of Hormuz has been a key point of concern, with the UAE suspending all financial and economic transactions with Iran until further notice. On Tuesday, US President Donald Trump said no talks were taking place with Iran, and that the Strait was open, but Iran claimed it remained shut.