Oil prices steady amid U.S.-Iran conflict and market caution
Business
Oil prices barely budged on Thursday, even as the U.S.-Iran conflict kept everyone guessing about global energy supplies.
Brent crude ticked up to $91.87 a barrel, while US WTI hovered around $85.81.
Markets are clearly watching the situation closely but not panicking just yet.
Hormuz tensions, US inventories up 4.4 million
Tensions in the Middle East, especially around the Strait of Hormuz (a key route for oil), have added to market jitters, with mixed signals from the US and Iran about whether it's open or blocked.
The UAE also paused business with Iran, making things even more complicated.
Meanwhile, in the US oil inventories unexpectedly jumped by 4.4 million barrels last week (instead of dropping like people thought), sending mixed signals about where supply is headed next.