Crude Oil Prices Mostly Hold Onto Gains Amid Renewed Hostilities in Middle East
Crude oil prices stabilized after seeing gains due to renewed hostilities between the U.S. and Iran, sparking concerns about the ongoing ceasefire.Brent crude at last look was at US$99.89/barrel and West Texas Intermediate crude was at $94.34/barrel. This comes after the U.S. and Iran were reportedly nearing a peace deal to end the war, Reuters said in a Friday report."Price formation is no longer anchored in a pragmatic reading of the war's trajectory or the physical realities in the Strait of Hormuz," Reuters quoted Vandana Hari, founder of oil market analysis provider Vanda Insights, as saying.U.S. President Donald Trump said the ceasefire was still in effect despite the restart of fighting, according to the report."On the supply front, the picture remains tight," IG analyst Tony Sycamore was quoted as saying.