Oil steady amid Iran-US peace prospects

Oil prices stabilized this week as investors remained hopeful that efforts to reach a ceasefire agreement between the United States and Iran would succeed. Brent crude reached $71.94 per barrel, while West Texas Intermediate reached $68.78. This comes amid optimism that the Strait of Hormuz may reopen fully following negotiations, despite disagreements over fee management through the strait and ongoing exchanges of strikes between the two countries. Partial shipping operations through the strait continue to take place.

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