Oil Prices Steady Amid US-Iran War Tensions

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

Brent crude futures for October delivery rose 25 cents, or 0.3 per cent, to $91.87 a barrel by 0037 GMT, while US West Texas Intermediate crude futures for September slipped two cents to $85.81 a barrel.

The more active October WTI contract gained 14 cents, or 0.2 per cent, to $84.53. Both Brent and WTI benchmarks gained for a fourth straight session on Wednesday, settling at their highest since July 24.

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