Oil Prices Hold Near One-Week Highs as Prospects for U.S.-Iran Agreement Fade

PUKMEDIA

Oil field.

Oil prices steadied on Tuesday after climbing to their highest levels in more than a week, as hopes of a US-Iran agreement to end their conflict and reopen the Strait of Hormuz continued to fade.

According to Reuters, Brent crude futures slipped 10 cents, or 0.11%, to $87.62 a barrel by 0405 GMT, while US West Texas Intermediate (WTI) crude fell 5 cents, or 0.06%, to $82.08 a barrel.

Both benchmarks surged by more than 5% on Monday, reaching their highest levels since 31 July, after US President Donald Trump responded to Iran's conditions for a peace agreement by demanding that Tehran pay compensation for deaths and damage resulting from wars, attacks and protests. The remarks were widely seen as reducing the likelihood of a swift agreement to reopen the Strait of Hormuz.

Later on Monday, Trump said the United States had secured control of the strategic waterway and that US forces had cleared the Strait of Hormuz of Iranian naval mines, underscoring the continuing tensions in one of the world's most important oil shipping routes.



PUKMEDIA