Oil Prices Steady Amid Hopes for US-Iran Deal

Oil prices stabilized after two days of decline following optimism over a potential US-Iran peace deal. Brent crude traded below $80 per barrel, while West Texas Intermediate (WTI) hovered near $76.

The price drop occurred after US President Donald Trump delayed fresh military strikes on Iran to allow more time for diplomatic talks. However, even if a temporary agreement is reached, it may not address Washington's concerns over Iran's nuclear program.

Qatar announced an interim proposal and both the US and Iran indicated progress in negotiations aimed at reopening the Strait of Hormuz. Oil prices have fallen sharply over the past two weeks due to tensions surrounding the strait.