- Brent futures traded near $105 a barrel, retreating slightly after a two-day surge fueled by supply concerns and hawkish rhetoric.
- The US and Iran are pushing for a breakthrough that would reopen the Strait of Hormuz, the world's most important energy shipping route.
- Washington would lift its blockade of Iranian ports under the phased arrangement being discussed.
Quotes
“Oil eased as US and Iranian negotiators explored a phased deal to reopen the world’s most important energy shipping route.”