Oil Prices Surge Amid US-Iran Conflict and Strait of Hormuz Uncertainty

Oil prices remained above $91 per barrel as investors weighed the risks of a US-Iran conflict and the security of shipping through the Strait of Hormuz.

The Brent crude futures for October delivery surged to $91.87, up 25 cents or 0.3 percent from the previous session.

US West Texas Intermediate crude futures for September slipped 2 cents to $85.81 a barrel, while the more active October WTI contract gained 14 cents, or 0.2 percent, 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.