Oil prices held steady after a period of volatility driven by escalating tensions in the Middle East and disruptions in Libyan production. Brent crude futures hovered around $78.25 per barrel, while U.S. West Texas Intermediate (WTI) maintained a price near $75.25. The market had reacted sharply to a significant drop in U.S. crude inventories, coupled with geopolitical concerns following the killing of key militant leaders and a force majeure declared at Libya’s Sharara oilfield. Analysts are closely monitoring potential retaliatory actions by Iran, which could further impact global oil supplies. Despite recent gains, market sentiment remains cautious amid uncertainties in supply and potential weather disruptions affecting U.S. production.
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