Global Oil Prices Remain Under Pressure

LONDON: Crude oil prices remained cautious at the start of trading on Thursday as investors closely monitored the potential impact of the ongoing US-Iran war, particularly the situation surrounding shipping traffic through the Strait of Hormuz.

During early trading, Brent crude futures for October delivery rose by 25 cents, or 0.3%, reaching $92 per barrel. Meanwhile, US West Texas Intermediate (WTI) crude for September delivery edged down by 2 cents to $85.81 per barrel.

The more actively traded October WTI contract, however, gained 14 cents, or 0.2%, to reach $84.53 per barrel.

Both major benchmarks had closed higher for a fourth consecutive trading session on Wednesday. Their prices also reached their highest levels since July 24, highlighting continued pressure and uncertainty across global energy markets.

Investors remain particularly focused on developments involving the Strait of Hormuz, a critical route for global oil shipments. Any disruption to maritime traffic through the strategic waterway could further affect crude supplies and trigger additional volatility in international oil markets.