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What is the story about?
Oil prices steadied after rising over 3% on Thursday as traders gauged the US President Donald Trump's Iran threats and how a possible escalation in hostilities can impact flows from the Middle East.
West Texas Intermediate was close to $66 a barrel post a three-day rally, while Brent settled over $70 for the first time since July.
Trump warned of military strikes if Iran doesn’t make a nuclear deal, injecting a fresh risk premium into prices.
Market concerns are primarily focused on how any fallout from an escalation in tensions could impact shipping through the Strait of Hormuz, a passage that separates Iran and the Arabian peninsula. Tankers carrying crude and liquefied natural gas transit through the strait daily to deliver cargoes worldwide.
The Associated Press reported that Iran issued a warning to ships at sea on Thursday that it planned to run a drill on Sunday and Monday that would include live firing in the strait, citing two Pakistani security officials.
With inputs from Bloomberg
Also Read: Trade Setup for January 30: Nifty positions itself for a move towards 25,500 ahead of Union Budget
West Texas Intermediate was close to $66 a barrel post a three-day rally, while Brent settled over $70 for the first time since July.
Trump warned of military strikes if Iran doesn’t make a nuclear deal, injecting a fresh risk premium into prices.
Market concerns are primarily focused on how any fallout from an escalation in tensions could impact shipping through the Strait of Hormuz, a passage that separates Iran and the Arabian peninsula. Tankers carrying crude and liquefied natural gas transit through the strait daily to deliver cargoes worldwide.
The Associated Press reported that Iran issued a warning to ships at sea on Thursday that it planned to run a drill on Sunday and Monday that would include live firing in the strait, citing two Pakistani security officials.
With inputs from Bloomberg
Also Read: Trade Setup for January 30: Nifty positions itself for a move towards 25,500 ahead of Union Budget
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