Oil prices steadied in early trade on Thursday as investors assessed the outlook for the U.S.-Iran war and the ongoing security risks to shipping through the Strait of Hormuz, with markets awaiting fresh catalysts to sustain the recent upward momentum . Brent crude futures for October delivery rose 0.3% to $91.87 a barrel, while the more active October U.S. West Texas Intermediate (WTI) contract edged up 0.2% to $84.53 . Both benchmarks gained for a fourth consecutive session on Wednesday, settling at their highest levels since July 24, as fading peace hopes and geopolitical tensions continued to support elevated prices .
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The market remains entrenched in an impasse over the strategic waterway, through which approximately 20% of global oil trade typically passes. Iran has said the Strait of Hormuz will remain closed unless the United States meets its conditions, including lifting its naval blockade, removing sanctions, and providing compensation for war damage . Meanwhile, U.S. President Donald Trump has insisted that the United States has “total control over the Hormuz Strait,” with ship-tracking data showing only a trickle of vessels transiting the waterway . Adding to the complexity, the UAE has suspended all financial and economic transactions with Iran until further notice, refocusing the spotlight on fraught ties between the major Gulf Arab oil producer and its neighbour .
