Oil steadies amid Iran-U.S. tensions
Oil prices stabilized as investors assessed potential tensions between the United States and Iran and their impact on navigation security in the Strait of Hormuz. Brent crude registered a slight increase to $91.87 per barrel, while West Texas Intermediate declined to $85.81. Concerns about an escalation of the conflict, which has slowed shipping traffic through the strait, continue to weigh on the market. Analysts explained that the market remains supported by tensions in the Middle East despite the absence of significant escalation, and they anticipate further volatility amid ongoing uncertainty in negotiations between the two sides.
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