Oil steady before Hormuz Strait update

Oil prices stabilized after their biggest decline in over two weeks, amid tensions regarding a potential agreement between the United States and Iran to open the Strait of Hormuz. The temporary deal is expected to be signed this Friday in Switzerland. Brent crude reached around $84 per barrel, while Texas crude was close to $80, amid uncertainty about the details of the agreement, which may allow five oil shipments to pass through the strait. However, the market remains cautious due to the lack of specifics concerning shipping security and tolls. Additionally, returning oil to pre-war levels will take weeks, with expectations that production will reach 50% by September and 80% by December.

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