US and Iran Explore Phased Deal to Reopen Key Oil Waterway

Oil prices have stabilized as US and Iranian negotiators explore a phased deal to reopen the Strait of Hormuz, a critical waterway for global oil supplies. The negotiations took place on the sidelines of the United Nations General Assembly.

The West Texas Intermediate (WTI) crude oil price for November remained relatively steady at around $94.45 per barrel, after gaining almost 3% on Thursday. Brent crude settled above $106 a barrel.

The Strait of Hormuz has been a key point of contention between the US and Iran in their ongoing conflict, with both countries refusing to make concessions in recent months. However, sources indicate that negotiators are now exploring a phased deal that could see Tehran reopen the strait.