Oil prices hold steady after last week's gains

Oil prices remained steady at the start of trading this morning, maintaining gains made last week, according to Reuters. Brent crude futures were unchanged at $88.55 a barrel by 01:28 GMT, while West Texas Intermediate (WTI) crude futures fell 14 cents to $82.26 a barrel around the same time.

Brent and WTI gained more than 5 percent last week following attacks on UAE tankers in the Strait of Hormuz and on Saudi Aramco's Red Sea refineries. These incidents heightened concerns about supply disruptions in key oil shipping routes.

The attacks, which were not immediately claimed, added to geopolitical tensions in the region, affecting global oil markets. Analysts noted that the market remains sensitive to any developments that could impact supply.

According to Mehr News Agency (MNA), the report by Reuters highlighted the market's response to these events. The stability in prices suggests that traders are cautiously assessing the situation, balancing supply concerns with broader economic factors.

As of the latest trading, Brent crude held at $88.55 per barrel, while WTI traded at $82.26. The modest decline in WTI may reflect regional differences in supply and demand dynamics.

Market participants will continue to monitor geopolitical developments and their potential impact on oil prices. The situation in the Strait of Hormuz, a vital chokepoint for global oil shipments, remains a key focus for investors.