By Anushree Mukherjee

July 30 (Reuters) – Oil prices were steady in a volatile session on Thursday as traders assessed the escalating conflict between the United States and Iran and the potential disruption to ‌oil supplies.

Brent futures were up 26 cents, or 0.29%, to $91.00 a barrel at 0956 GMT after touching ‌a low of $89.02 earlier.

U.S. West Texas Intermediate (WTI) crude was down 17 cents, or 0.20%, to $84.29 a barrel, off a session low of $83.21.

Geopolitical tensions continued ​to simmer after the U.S. military said it had hit dozens of Islamic Revolutionary Guard Corps targets in Iran, including military command centres and drone facilities, in a two-hour operation launched after Tehran fired ballistic missiles at U.S. forces in the Middle East.

“Until safe passage through the Strait of Hormuz is no longer a gamble, the risk premium in oil ‌is not going anywhere — hope for diplomacy ⁠is welcome, but the market is pricing the reality of ongoing strikes,” said Tim Waterer, chief market analyst at KCM Trade.

The Strait of Hormuz, which normally handles around a fifth ⁠of global oil and gas flows, has remained a focal point for oil markets since the conflict began on February 28.

“Even though crude continues to move through alternative routes, transit through the Strait of Hormuz remains something of a roll of the ​dice ​at best … Safe passage is far from assured while hostilities ​continue,” Waterer added.

Analysts said investor focus was on ‌the volume of oil exiting key chokepoints and the possibility of a diplomatic breakthrough.

Iran’s Fars news agency said a Qatari LNG tanker passed through the Iran-designated route in the strait with Tehran’s permission.

The Al Areesh tanker, which loaded a cargo at Qatar’s Ras Laffan terminal around July 4 to 6, sailed out of the strait overnight on July 29, according to Kpler and LSEG data.

The conflict has also disrupted shipping through the Bab el-Mandeb strait, creating a ‌second pressure point for global oil flows alongside the Strait of ​Hormuz.

Yemen’s Houthi group is considering imposing fees on commercial ships sailing through ​the southern Red Sea, a week after declaring ​a naval blockade on Saudi Arabia, regional sources with knowledge of the matter told Reuters.

In ‌another blow to supply, tankers planned for loading ​at the Caspian Pipeline Consortium (CPC) ​terminal are heading away from the Black Sea after a vessel was hit during loading at the terminal on Thursday, two sources said and shipping data showed.