Oil Prices Hold Steady Near One-Week High Amid Fading Hopes for US-Iran Deal

Oil prices have held steady at their highest levels in over a week, as hopes of a deal between the US and Iran to end their war and reopen the Strait of Hormuz have faded. The Brent crude futures settled at $87.81 a barrel, while US West Texas Intermediate (WTI) crude futures settled at $82.20 a barrel.

This is after both benchmarks rose more than 5% on Monday to their highest levels since July 31st.