Oil prices steady as investor monitor Middle East crisis

Oil drilling rigs

Oil prices settled at the end of volatile trading today, March 4, as market participants monitored developments in the Middle East war, which disrupted shipping in the Strait of Hormuz for the fifth consecutive day.

Brent crude futures for May delivery settled at $81.40 a barrel, after ending the previous session at their highest level since January 2025.

WTI crude futures for April delivery rose 0.13%, or 10 cents, to $74.66 a barrel.

US Defense Secretary Pete Hegseth confirmed today that the US is moving forward with its military operations, noting the army's ability to fight for the required period, while the Iranian Revolutionary Guard announced its complete control over the Strait of Hormuz.

This comes one day after US President Donald Trump announced a plan to secure ships and tankers crossing the vital waterway.

On another note, official data revealed that crude oil inventories in the US rose more than expected last week, indicating weak energy demand in the world's largest economy.