Oil prices remained close to recent highs, above the $90 per barrel mark in early trade on Thursday as investors assessed uncertainty surrounding the US-Iran war and the shipping status through the Strait of Hormuz.Around 7:30 am IST, WTI crude was trading at $84.66 a barrel, up 27 cents or 0.32%, while Brent crude stood at $92, gaining 38 cents or 0.41%.The benchmarks extended their recent gains on Wednesday, with both Brent and WTI settling at their highest levels since July 24. Market sentiment remained supported by sporadic attacks in the Middle East, although the absence of a major escalation has limited fresh momentum, according to analysts.Meanwhile, UAE’s decision to suspend all financial and economic transactions with Iran until further notice has added to concerns over relations between the Gulf Arab oil producer and Iran.The Strait of Hormuz remained another key focus for the market. US President Donald Trump said on Tuesday that no talks were taking place with Iran and that the waterway was open. Iran, meanwhile, said the strait remained shut.Data showed on Wednesday that shipping through the Strait of Hormuz had slowed, with most shipowners avoiding the crucial waterway amid a lack of clear signalling over its reopening following a blockade imposed during the Iran war.US inventory data provided another factor for oil markets to assess. According to Reuters,the Energy Information Administration said crude and gasoline inventories rose last week, while distillate stockpiles declined.Crude inventories increased by 4.4 million barrels in the week ended August 14, compared with expectations for a 600,000-barrel draw.
