US-Iran Peace Deal Hopes Fizzle, Oil Prices Reach Three-Week High

Oil prices have reached their highest level in three weeks, despite hopes of a US-Iran peace deal fading. The Brent crude futures settled at $91.02 a barrel, while U.S. West Texas Intermediate crude futures closed at $84.94 a barrel.

The gains were limited due to the market's muted reaction to daily headlines, according to Darrell Fletcher, managing director of Commodities at Bannockburn Capital Markets.

Saudi Aramco has resumed oil loadings from inside the Strait of Hormuz and is offering cargoes for loading via ship-to-ship transfers off Fujairah in the UAE.

However, vessel traffic through the strategic waterway remains low, with only a single-digit number of vessels passing through each day.