Oil gains after selloff, awaits progress on Strait of Hormuz flows

Oil prices rebounded on Tuesday after a sharp drop in the prior session, as tempered optimism around U.S.-Iran peace talks eased immediate supply fears. Investors are still waiting for clearer progress on restoring crude flows through the Strait of Hormuz, leaving crude markets sensitive to geopolitical headlines.

Analysis

Oil prices rebounded on Tuesday after a sharp drop in the prior session, as tempered optimism around U.S.-Iran peace talks eased immediate supply fears. Investors are still waiting for clearer progress on restoring crude flows through the Strait of Hormuz, leaving crude markets sensitive to geopolitical headlines.