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Crude Oil Prices Little Changed Amid U.S.-Iran War Uncertainties

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Crude oil prices held relatively steady on Wednesday amid uncertainty about developments in the U.S.-Iran war.

Brent crude at last look was down 0.7% to US$87.57/barrel and West Texas Intermediate crude was down 0.6% to $90.94/barrel. Lower Chinese crude oil imports and the persisting effective closure of shipping through the Strait of Hormuz are putting a ceiling on price increases amid the war, Reuters said in a Wednesday report, citing analysts.

Meanwhile, the U.S. responded to the downing of a U.S. Apache attack helicopter by striking Iranian targets, shifting traders' focus back toward risks brought about by the war, the report said.

"While diplomatic efforts remain ongoing, the latest military exchanges have reintroduced a geopolitical risk premium into oil markets," Reuters quoted Priyanka Sachdeva, senior market analyst at Phillip Nova, as saying.

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