Oil Prices Steady as Hormuz Flows Pick Up Amid US-Iran Peace Talks

Oil prices remained steady on Tuesday as investors monitored crude flows through the Strait of Hormuz following progress in US-Iran peace talks.

The US granted Iran a 60-day sanctions waiver after initial peace talks, and officials reported a lull in hostilities in Lebanon under a broader agreement. This led to a slight decline in oil prices on Monday, with Brent crude futures down around 0.3% to $77.64 a barrel and U.S. West Texas Intermediate down 0.2% to $73.69 a barrel.

Market analysts note that the easing of sanctions won't have a significant impact on prices in the short term due to the new and fragile US-Iranian memorandum of understanding. However, tanker traffic through the Strait of Hormuz is picking up after slower flows due to crossing concerns.