Oil steady as Iran tempers hopes of swift Hormuz reopening

Oil prices were little changed as optimism around potential talks to reopen the Strait of Hormuz was tempered by Iran’s insistence that the U.S. meet several demands first. The uncertainty around the timing of reopening keeps a supply-risk premium but limited upside, resulting in a steady price reaction.

Analysis

Oil prices were little changed as optimism around potential talks to reopen the Strait of Hormuz was tempered by Iran’s insistence that the U.S. meet several demands first. The uncertainty around the timing of reopening keeps a supply-risk premium but limited upside, resulting in a steady price reaction.