Oil Prices Rebound on Hopes for Reduced Tensions in Strait of Hormuz

Oil prices showed mixed results on Wednesday, as investors weighed expectations of reduced tensions between the US and Iran.

Brent crude futures settled up slightly at $79.45 a barrel, while US West Texas Intermediate futures fell to $75.22 per barrel.

The positive sentiment comes from reports of an agreement between Iran and Oman on how to manage the Strait of Hormuz, a key waterway for global oil supplies.

However, analysts remain cautious about the agreement's durability, with Phil Flynn, senior analyst with Price Futures Group, saying it 'seems as tenuous as past agreements.'