Oil prices steadied on Thursday after falling sharply in the previous session, as concerns eased about shipping disruptions along the Red Sea route even as tensions in the Middle East continued to rise.
Brent crude futures inched up 10 cents, or 0.1 per cent, to $79.75 a barrel by 0424 GMT, while US WTI crude futures were trading 5 cents lower at $74.06 a barrel. Prices dropped nearly 2 per cent on Wednesday as major shipping firms began returning to the Red Sea.
“Concerns about shipping in the Red Sea have eased, but continued worries about tensions in the Middle East, especially on Iran’s involvement in the region, make it difficult to sell further,” said Hiroyuki Kikukawa, President of NS Trading, a unit of Nissan Securities.
