Oil Prices Steady Amid US-Iran Tensions and Slower Strait of Hormuz Traffic
Oil prices held steady at the start of trading on August 17, despite increased tensions between the US and Iran. The Strait of Hormuz, a vital energy route, has fallen unusually quiet with slower tanker traffic.
The market is reacting to the lack of an agreement between the two countries on ending the conflict in the Middle East. Brent crude futures rose by 20 cents, or 0.2%, to $88.72 per barrel, while US West Texas Intermediate crude fell by 5 cents to $82.35 per barrel.
The increase in oil prices follows attacks on tankers operated by Abu Dhabi National Oil Company in the Strait of Hormuz, as well as an attack on a Saudi Aramco oil refinery.
Iranian Foreign Minister Abbas Araqchi said over the weekend that Tehran has not yet decided whether to resume talks with the US. US President Donald Trump urged Americans to accept somewhat higher gasoline prices while the conflict continues.