Oil Steadies as Peace Talks, Flows Through Hormuz in Focus

Oil prices have steadied following the most substantial quarterly decline since the pandemic. Market traders are currently monitoring the progress of peace talks between the US and Iran. Additionally, focus remains on the return of shipping flows through the Strait of Hormuz, as crude oil prices climb while tanker traffic through the critical waterway slows. These geopolitical developments and shipping logistics are the primary drivers influencing the current stability of the global oil market.