Oil Prices Steady as Investors Assess US-Iran War Outlook

Oil prices remained 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%, 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%, to $84.53, marking a fourth straight session of gains on Wednesday, with both Brent and WTI benchmarks settling at their highest since July 24.

Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment, said the market is likely to maintain a gradual upward trend due to uncertainty over peace talks and tensions involving the United Arab Emirates, Oman, and Iran.