Oil prices steady as investors assess US-Iran war outlook

Business Recorder reported that oil prices held steady in early Tokyo trade on Thursday as traders weighed the course of the US-Iran conflict and the safety of shipping through the Strait of Hormuz. Brent crude for October delivery inched up 25 cents, reaching $91.87 a barrel as of 0037 GMT, while the September WTI contract eased 2 cents to $85.81.

Both benchmarks finished Wednesday higher for a fourth consecutive day, closing at their loftiest point since July 24. Nissan Securities Investment's chief strategist, Hiroyuki Kikukawa, said recurring strikes in the Middle East are underpinning prices, though fresh momentum is absent until a significant escalation occurs. He expects prices to drift higher gradually, citing doubts about peace negotiations and friction among the UAE, Oman and Iran. The UAE has suspended financial and economic exchanges with Iran indefinitely, reviving focus on their strained ties.

On Tuesday, US President Donald Trump said no talks were under way and the strait was open, though Iran insisted it remained closed. Shipping through Hormuz slowed on Wednesday, with most shipowners steering clear because the reopening after the blockade lacked clear signals. Separately, the Energy Information Administration reported that US crude stocks expanded by 4.4 million barrels in the week to August 14, while analysts had expected a 600,000-barrel fall.