Oil prices remain high due to US-Iran stalemate
Oil prices are holding near triple-digit levels as the prolonged US-Iran stalemate keeps traders on edge.
The situation is unlikely to change until there is a breakthrough in negotiations or the reopening of the Strait of Hormuz.
A temporary waiver to sanctions was reportedly proposed by the US, but this was quickly denied by US officials, causing oil prices to fluctuate.
The lack of a breakthrough and minor escalations are acting as a floor for oil prices, while the unlimited ceasefire is acting as a ceiling on hopes of an eventual end to the conflict.