Oil Prices Hold Steady as Markets Assess Latest US-Iran Escalation

PUKMEDIA

Oil prices.

Oil prices were broadly stable on Thursday as investors assessed the impact of the latest exchange of military strikes between the United States and Iran, with growing concerns that the conflict could delay efforts to end the war and postpone the full reopening of the Strait of Hormuz to commercial shipping.

Brent crude futures edged up 6 cents, or 0.1%, to $78.08 a barrel, while US West Texas Intermediate (WTI) crude futures rose 13 cents, or 0.2%, to $73.65 a barrel.

Both benchmark contracts had gained more than $1 at Wednesday's close after the United States launched a fresh wave of military strikes against targets inside Iran, heightening fears of further disruption to global energy supplies.

Market participants continue to monitor developments closely, with the Strait of Hormuz remaining a key focus. The strategic waterway carries a significant share of the world's seaborne oil exports, and any prolonged disruption to shipping could have major implications for global energy markets.

Investors are also watching for signs of renewed diplomatic efforts between Washington and Tehran, although continued military exchanges have raised doubts over the prospects for a swift de-escalation.


PUKMEDIA