Oil Steady as Markets Assess Fed Rate Path Amid Soft US Economic Data

Commodity markets traded mixed on August 17 as investors weighed the outlook for US interest rates. Crude oil prices held largely steady after last week's gains, with Brent crude futures unchanged at $88.55 a barrel and US West Texas Intermediate (WTI) crude futures slipping 14 cents to $82.26 a barrel.

The stability in oil prices was supported by concerns over potential supply disruptions in the Strait of Hormuz, with prospects for a lasting US-Iran peace deal appearing increasingly remote.

Gold prices remained firm, steady around $4,370 an ounce after gaining nearly 1% last week. Traders weighed weaker US economic data against renewed inflation concerns linked to higher energy prices.