Oil Prices Steady As US-Iran Row Balances Trade Worries

Oil prices steadied on July 24 as tension between the U.S. and Iran highlighted risks to supply and trade disputes raised prospects for slower economic growth and weaker energy demand.

Brent crude oil was unchanged at $73.06 a barrel by 6:45 a.m. CST (11:45 GMT). U.S. light crude was 35 cents higher at $68.24.

“The impact on oil supplies if U.S.-Iran tensions escalate significantly cannot be underestimated,” said Abhishek Kumar, senior analyst at Interfax Energy. “Market participants are also keeping a close eye on the U.S.-China trade war.”