Oil Prices Steady Amid US-Iran War Uncertainty

Oil prices have stabilized in early trade on Thursday as investors assess the situation following the US-Iran war and its impact on shipping through the Strait of Hormuz.

Brent crude futures for October delivery rose by 25 cents, or 0.3%, to $91.87 a barrel, while US West Texas Intermediate crude futures for September fell two cents to $85.81 a barrel. The more active October WTI contract gained 14 cents, or 0.2%, to $84.53.

According to Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment, 'the market is supported by sporadic attacks in the Middle East but lacks fresh momentum without a major escalation.'

The UAE's decision to suspend all financial and economic transactions with Iran has refocused attention on strained relations between the two countries.