Oil Steadies After Three-day Rally

(RTTNews) - Oil prices held steady on Thursday after climbing to more than one-month highs earlier.

Brent crude futures were up half a percent at $96.07 a barrel in choppy trade after three straight sessions of gains amid renewed U.S.-Iran hostilities over control of the Strait of Hormuz. WTI crude futures were up 0.6 percent at $91.53 a barrel.

While the recent military escalation added a fresh layer of uncertainty to an already fragile oil market, investors were relieved by continued energy flows through the Strait of Hormuz.

U.S. officials have signaled robust energy flows through the key waterway. According to CNN, the American military escorted 40 vessels through the waterway on Tuesday carrying 18 million barrels of oil.

According to industry sources and preliminary shipping data, Iraq's oil exports increased significantly in August and September following wide profit margins and Iranian tanker passage approvals.

Meanwhile, U.S. President Donald Trump said renewed attacks on Iran would be short-lived while reiterating his claim that the U.S. controls the vital route for global crude shipments.

The comments came after fresh military clashes between Washington and Tehran broke weeks of relative calm around the waterway, raised concerns over global energy supplies, and sent crude rallying as much as 10 percent.