Oil Prices Remain Steady as Hormuz Shipping Constraints Counter U.S.-Iran Peace Hopes

Oil prices held steady on Wednesday as ongoing worries about supply disruptions offset comments by U.S. President Donald Trump that the war on Iran could be over soon.

A source briefed by Tehran said Iran could consider allowing ships to ‌sail freely through the Omani side of the Strait of Hormuz without risk of attack as part of proposals it has offered in negotiations with the United States, providing a deal is clinched to prevent renewed conflict.

Brent futures rose 14 cents, or 0.1 percent, to settle at $94.93 a barrel, while U.S. West Texas Intermediate crude rose one cent to settle at $91.29.

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