Oil Prices Steady as Hormuz Deal Hopes Fade

Oil prices steadied in early Asian trade on Tuesday after rising sharply in the prior session due to fading hopes of a deal to reopen the Strait of Hormuz.

The price of Brent crude for September fell 0.1% to $81.05 a barrel by 19:39 ET (23:39 GMT) on Tuesday, after surging more than 5% on Monday.

US and Iranian demands for compensation following recent military attacks doused hopes that the two countries were close to a deal to reopen the key waterway.

The Strait of Hormuz supplied roughly a fifth of the world's oil supplies prior to the US-Israel war on Iran, and its closure has been a major point of support for crude prices.