Oil prices held steady at their highest levels in more than a week today:il prices held steady at their highest levels in more than a week today, amid fading hopes of a deal between the US and Iran to end their war and reopen the Strait of Hormuz. Brent crude futures settled at $87.81 a barrel, while US West Texas Intermediate (WTI) crude futures settled at $82.20 a barrel. Both benchmarks rose more than 5% on Monday to their highest levels since 31 July.
According to Oman News Agency, the ongoing conflict between the US and Iran has significantly impacted oil prices, as traders remain cautious about the geopolitical tensions affecting the vital shipping route of the Strait of Hormuz. The lack of progress in diplomatic negotiations has led market participants to brace for potential supply disruptions, contributing to the recent surge in crude prices.
