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 U.S. West Texas Intermediate crude futures for September slipped 2 cents to $85.81 a barrel.
According to Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment, 'the market is likely to maintain a gradual upward trend given uncertainty over peace talks and tensions involving the United Arab Emirates, Oman and Iran.'
The Strait of Hormuz has been at the center of attention since the UAE suspended all financial and economic transactions with Iran until further notice.