Commodities
Hormuz Breakthrough Lifts Oil Prices Amid Geopolitical Calm
Oil prices stabilized on Tuesday after plummeting about five per cent in the previous session. The bounce was attributed to renewed diplomatic efforts between the United States and Iran, which sparked hopes that tensions in the Middle East could begin to subside.
The West Texas Intermediate (WTI) crude traded near US$80 per barrel, while Brent crude hovered around US$83.50 after both benchmarks posted steep losses on Monday.
US President Donald Trump described his latest proposal for talks as Iran's final opportunity to reach an agreement and voiced confidence that the strategically vital Strait of Hormuz would soon reopen.