World · Singapore Bureau
Oil prices steady as US-Iran tensions persist near Strait of Hormuz
Brent crude futures edged down 0.9 per cent to US$102.16 a barrel on September 24, as geopolitical tensions between the United States and Iran continue to influence global energy markets. The standoff raises concerns about potential disruptions to shipping through the critical Strait of Hormuz.
LSN Singapore ·
Energy markets remain vigilant as diplomatic deadlock between Washington and Tehran creates uncertainty over one of the world's most strategically important waterways. The Strait of Hormuz, through which roughly one-third of global seaborne oil passes, has become a focal point of concern amid escalating US-Iran tensions.
Brent crude futures declined marginally during mid-day trading on September 24, with prices settling at US$102.16 per barrel. While the pullback was modest, it reflects underlying caution among traders weighing the risk of supply disruptions against broader economic headwinds.
The geopolitical standoff has kept markets on edge, with any signs of further escalation potentially triggering sharper price movements. Analysts note that the situation underscores the vulnerability of global oil supplies to regional conflicts, particularly given the strategic importance of the Strait of Hormuz to energy-dependent economies across Asia.
The current price levels, though supported by supply concerns, remain constrained by weakening global demand signals and recession fears. Market participants are monitoring diplomatic developments closely for any indication that tensions may ease or intensify, which could significantly impact crude valuations in coming weeks.