Oil prices steadied in early trade on Thursday as investors assessed the outlook for the U.S.-Iran war and the security of shipping through the Strait of Hormuz. Brent crude for October delivery settled at $91.87 a barrel, while U.S. West Texas Intermediate crude for September stood at $85.81 a barrel. The United Arab Emirates’ decision to suspend all financial and economic transactions with Iran has reignited tensions in this strategic region. The Strait of Hormuz, through which a significant portion of global oil passes, saw shipping traffic slow as most shipowners avoided the key waterway. In the United States, crude inventories rose by 4.4 million barrels in the week ended August 14, far exceeding expectations for a 600,000-barrel build.
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