US-Iran war, May 4 -- Oil prices steadied on Monday, 4 May, as traders raised doubts about the feasibility of US President Donald Trump's proposal for the US to escort neutral vessels through the Strait of Hormuz, especially after reports of a tanker being struck in the key waterway.

Brent crude remained largely unchanged above $108 a barrel, having dropped as much as 2.4% at the open, while West Texas Intermediate hovered near $102.

Back home, crude oil prices on the Multi Commodity Exchange (MCX) also rose marginally. MCX crude oil prices surged as much as 0.44% to Rs.9,715 per barrel.

Oil prices held above $100 per barrel amid no peace agreement and continued disruptions to traffic through the Strait of Hormuz. Talks between the US ...