Oil steadies after Trump signals restraint on Iran, Hormuz risks persist

NEW DELHI/PERTH: Oil prices were steady on Monday after US President Donald Trump downplayed the likelihood of new strikes on Iran, though attacks on ships near the Strait of Hormuz kept supply concerns in focus.

Brent inched up 3 cents to $98.35 a barrel by 07:27 a.m. Saudi time, while US West Texas Intermediate rose 0.5 percent to $91.30 a barrel.

Brent fell 16 percent last week, the steepest weekly drop since the start of the COVID pandemic.

“Despite the ⁠recent optimism surrounding a potential diplomatic breakthrough, the underlying geopolitical risks remain elevated, and the possibility of renewed military escalation cannot be ruled out,” said Sugandha Sachdeva, founder of SS WealthStreet, a New Delhi-based research firm.