Oil Holds Gain With Iran’s Exports Strained as Conflict Drags On

Oil was steady as the conflict in the Middle East drags on and keeps the vital Strait of Hormuz effectively closed, with shipments from Iran’s main export terminal appearing to come to a standstill.

West Texas Intermediate futures traded near $102 after rising more than 4% in the previous session. Brent crude closed above $107. There were no ocean-going tankers observed at Iran’s Kharg Island over the past several days, according to satellite images, the first sign of a prolonged halt since the start of the 10-week war that’s upended global markets.