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Oil steady as investors weigh renewed US-Iran fighting

World News

10-06-2026 | 07:01

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Oil steady as investors weigh renewed US-Iran fighting

Oil prices were steady on Wednesday, as renewed U.S.-Iran hostilities ‌muddied direction and investors weighed lower Chinese demand with global inventory draws.

Brent futures were down 25 cents, or 0.23%, at $91.24 a barrel at 1008 GMT, while U.S. West Texas Intermediate crude was down 14 cents, or 0.16%, at $88.06 a barrel.

Prices earlier traded higher on renewed strikes by the United States and Iran, before retreating towards the previous session's close.

Global stock draws are underpinning prices, but lower Chinese crude ⁠oil imports are helping to keep a ceiling on prices, as is a limited flow of shipping through the Strait of Hormuz, PVM analyst Tamas Varga said.

"Nonetheless, it is difficult to reconcile the current lack of anxiety with the perpetual conflict engulfing the world’s most pivotal oil-producing region," he added.

Reuters

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