Oil prices steady as traders track report of push for Iran ceasefire
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Oil prices have steadied as traders track a report of a diplomatic push for a ceasefire in the Middle East. The United States, Iran, and regional mediators are discussing terms for a potential 45-day pause that could lead to a permanent end to the war.
Oil prices have steadied due to a potential diplomatic push for a ceasefire in the Middle East. The US, Iran, and regional mediators are discussing a 45-day pause. Brent crude traded below $110 a barrel. The US President had announced a fresh ultimatum on Iran if the Strait of Hormuz was not reopened. The crude market has been affected by the war, triggering a supply shock and global energy crisis. Oil prices have soared, stoking inflationary pressures and undermining economic growth.
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