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Crude Oil · Energy Markets · Geopolitics · Iran-US Relations
Oil prices rebounded after a significant sell-off, with WTI crude futures rising $1.07 to $96.15 per barrel and Brent crude futures increasing 13 cents to $102.15 per barrel, as investors reassessed the potential for a US-Iran peace agreement.
This rebound follows a nearly 7% tumble in benchmark oil prices the previous day, driven by optimism for a diplomatic breakthrough in West Asia. Investor sentiment remains highly volatile as markets evaluate whether a formal agreement will ease geopolitical tensions and reduce risks to oil supply through the strategically critical Strait of Hormuz.
According to a report by Reuters, negotiators are close to finalizing a one-page memorandum that could formally end hostilities. Iran confirmed on Wednesday it is reviewing a US peace proposal, though major unresolved issues include Washington’s longstanding demand that Tehran suspend its nuclear program and reopen unrestricted access through the Strait of Hormuz.
An Iranian foreign ministry spokesperson, quoted by the ISNA news agency, stated Tehran will communicate its response after completing its review of the proposal. US President Donald Trump also expressed confidence about the diplomatic push, stating he believed Iran wanted an agreement.
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