Oil prices steady after series of gains
Oil prices stabilized at the beginning of Thursday's trading session after four days of gains, as investors assessed expectations regarding the US-Iran war and the impact on navigation through the Strait of Hormuz. The price of Brent rose by 0.3% to reach $91.87 per barrel, while US West Texas Intermediate (WTI) declined to $85.81, continuing their upward trend for four consecutive days and reaching their highest levels since July. The market stability is attributed to ongoing tensions in the Middle East, despite the uncertain situation surrounding the closure of the Strait of Hormuz, and the shipping industry's challenges caused by the ongoing US-Iran conflict. American data also indicated an increase in oil inventories, while shipping activity through the strait slowed amid continued political tensions and conflicting statements regarding navigation in this vital waterway.
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