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Oil prices steady amid US-Iran war concerns
Oil prices are currently stable as markets assess the possibilities of escalation between the United States and Iran and its impact on navigation security in the Strait of Hormuz. Futures for Brent crude have risen to around $92 per barrel, while West Texas Intermediate has increased to approximately $86, marking continuous gains for four consecutive sessions. This comes amid deteriorating relations between Iran and the UAE due to the suspension of financial transactions, and a slowdown in shipping activity through the strait due to uncertainty in maritime conditions. U.S. Energy Information Administration data shows oil inventories increased by 4.4 million barrels, reflecting a divergence between geopolitical tensions and market balance in the oil sector.
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