Oil prices steady amid US and Iran military escalation
Brent and WTI crude futures remained nearly flat on Thursday as markets weighed the impact of President Trump's warnings of military action against Iran. While Tehran declared the Strait of Hormuz closed, global supply concerns were partially offset by reports of weak Chinese fuel demand.
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Brent Crude Oil fell 0.1% to $92.98 a barrel Thursday as investors weighed Middle East supply threats against cooling demand. Prices stabilized after the United States warned of imminent strikes against Iran following an escalation in regional hostilities. The standoff threatens the Strait of Hormuz, a waterway handling 20% of global oil and gas shipments.