Oil holds steady on US-Iran deal and Hormuz uncertainty
Crude prices remained relatively unchanged on Wednesday as investors assessed a new peace agreement between the United States and Iran. While the deal aims to reopen the Strait of Hormuz, ongoing shipping delays and regional tensions continue to limit significant price declines.
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Brent Crude Oil fell 15 cents to $78.81 on Wednesday morning as investors weighed a U.S.-Iran peace deal. This 0.2% dip follows a 5% slide to three-month lows as markets price in the potential restoration of global energy flows. Reopening the Strait of Hormuz would return a fifth of global supply to the market, significantly reducing the geopolitical risk premium.
