Hormuz Deal Advances as Oil Prices Hold Steady Amid Ongoing Tensions

Oil prices held steady on Tuesday as traders awaited details of a shipping arrangement between Iran and Oman for the Strait of Hormuz.

The deal, which is in its final stages, aims to establish a temporary safe corridor through the strait, giving Tehran greater control over the vital waterway.

Brent crude briefly topped $98 a barrel in the previous session but settled above $97 on Tuesday, while West Texas Intermediate climbed 1.2% to $92.59 a barrel.

The US military struck Iranian tankers just days ago, raising questions about how Washington would respond to this new agreement.