Oil prices steady as Hormuz shipping constraints counter US-Iran peace hopes
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Oil prices remained steady as concerns over supply disruptions in the Strait of Hormuz offset hopes for a US-Iran peace deal. The conflict has led to significant supply losses and economic uncertainty globally.
Oil prices held steady on Wednesday as worries about supply disruptions offset comments by US President Donald Trump that the war on Iran could end soon. Iran may allow ships to sail through the Omani side of the Strait of Hormuz if a deal is reached to prevent renewed conflict. Brent futures rose 0.1% to $94.93 a barrel, while US West Texas Intermediate crude rose one cent to $91.29. The US has blocked shipping from Iranian ports, halting trade by sea. The conflict has caused 496 million barrels in supply losses and led to economic uncertainty, with the International Monetary Fund expecting at least a dozen countries to seek new loan programs.
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