Oil prices steady as investors assess Hormuz shipping security
<p>Singapore: Oil prices held steady 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.</p> <p>Brent crude futures for October delivery rose 25 cents, or 0.3%, to $91.87 a barrel, while US West Texas Intermediate (WTI) crude futures for September slipped 2 cents to $85.81 a barrel.</p> <p>The more active…
Shipping traffic through the Strait of Hormuz remained unchanged on Wednesday despite ongoing tensions between the United States and Iran, according to recent data. Nine vessel transits were recorded, matching the previous day's figure, as per Kpler's shiptracking data. The US and Iran both claimed conflicting positions on the strait's status, with the US President stating it was open and Iran asserting it remained closed.
Meanwhile, traffic at the Bab el-Mandeb strait slowed further, with 27 commodity vessels passing through on Wednesday, a decrease from 32 on the prior day, as reported by Kpler data. It is noted that some vessels might be sailing with their transponders turned off, a factor not included in the transit counts.
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