Oil Prices Steady Amid US-Iran War Tensions
Oil prices remained steady in early trade on Thursday as investors assessed the US-Iran war situation and its impact on 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 2 cents to $85.81 a barrel. The more active October WTI contract gained 14 cents, or 0.2 per cent, to $84.53.
The market is supported by sporadic attacks in the Middle East but lacks fresh momentum without a major escalation, according to Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment. The UAE's decision to suspend all financial and economic transactions with Iran has refocused attention on strained ties between the major Gulf Arab oil producer and Iran.