Oil prices steadied in early trade as investors assessed the outlook for the US-Iran war and the security of shipping through the Strait of Hormuz, Reuters reports.
Brent crude futures for October delivery rise 25 cents, or 0.3 per cent, to $91.87 a barrel by 0037 GMT, while US West Texas Intermediate crude futures for September slip 2 cents to $85.81 a barrel. The more active October WTI contract gained 14 cents, or 0.2pc, to $84.53.
Both Brent and WTI benchmarks gain for a fourth straight session on Wednesday, settling at their highest since July 24. The September WTI contract expires later on Thursday.
“Oil prices remained elevated as the market is supported by sporadic attacks in the Middle East but lacks fresh momentum without a major escalation,” says Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment, a unit of Nissan Securities.
“The market is likely to maintain a gradual upward trend given uncertainty over peace talks and tensions involving the United Arab Emirates, Oman and Iran,” he adds.
