Oil prices steady as investors assess US-Iran war outlook
Oil prices steadied in early trade on Thursday as investors assessed the outlook for the US-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 US 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. Houthis say they don’t seek to close key Bab al-Mandeb Strait “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.