Oil stabilizes amid assessments of US-Iran war prospects

Oil prices stabilized at the start of Thursday’s trading as investors assessed expectations regarding the conflict between the United States and Iran and the security of navigation through the Strait of Hormuz, by 00:37 GMT.

Benchmark crude prices rose for a fourth consecutive session on Wednesday, reaching their highest settlement levels since July 24. The delivery period for the U.S. crude contract expiring in September concludes later on Thursday.

The U.S. Energy Information Administration reported on Wednesday that crude oil and gasoline inventories rose, while distillate product inventories fell in the previous week. Crude stockpiles increased by 4.4 million barrels in the week ending August 14, compared with estimates that had pointed to a decline of 600,000 barrels.