Oil prices steady as investors assess U.S.-Iran war outlook
Oil prices remained steady as global markets monitor geopolitical tensions between the U.S. and Iran, specifically regarding the Strait of Hormuz. Despite rising crude inventories in the U.S., uncertainty over peace talks continues to influence market volatility.
Why it matters
Energy market stability is highly sensitive to Middle Eastern geopolitical conflicts, which directly impact global fuel prices.
Oil prices steadied in early trade on Thursday as investors assessed the outlook for the U.S.-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. The more active October WTI contract gained 14 cents, or 0.2%, to $84.53.
Both Brent and WTI benchmarks gained for a fourth straight session on Wednesday, settling at their highest since July 24. The September WTI contract expires later on Thursday.
"Oil prices remained elevated as the market is supported by sporadic attacks in the Middle East but lacks fresh momentum without a major escalation," said Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment, a unit of Nissan Securities.
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