Oil Prices Steady Amid US-Iran Tensions and Shipping Risks

Oil prices remain steady on August 20, as traders weigh the risks of a US-Iran war and disruptions to shipping through the Strait of Hormuz.

The price of October Brent futures rose by 25 cents, or 0.3%, to $91.87 per barrel, while September contracts for U.S. West Texas Intermediate crude fell by 2 cents to $85.81 per barrel.

Market participants are monitoring developments in the conflict between the United States and Iran, as well as tensions between the UAE, Oman, and Iran, which is contributing to uncertainty surrounding possible peace talks.

'Oil prices remain elevated due to sporadic attacks in the Middle East, but it lacks fresh momentum without a significant escalation,' said Hiroyuki Kikukawa, chief strategist at Nissan Securities Investment.