Oil Prices Remain Steady Amid U.S.-Iran Tensions
Oil prices remained steady early Thursday as investors evaluated geopolitical tensions between the United States and Iran, particularly concerning shipping through the Strait of Hormuz. Brent crude futures rose slightly to $91.87 per barrel, while WTI crude edged lower at $85.81 for September delivery but gained in October contracts. Markets have seen a four-day upward trend due to sporadic Middle East attacks and ongoing tensions involving the UAE, Oman, and Iran. The UAE suspended economic transactions with Iran, heightening regional concerns. U.S. President Donald Trump stated no talks were occurring with Iran, while Iran claimed the Strait of Hormuz remained closed. U.S. crude inventories increased by 4.4 million barrels last week, contrary to expectations for a drawdown.
Topics: Brent crude geopolitical_tensions oil WTI