Brent and WTI crude rise over 1% after Washington and Tehran agree to pause attacks and restart Strait of Hormuz talks.
Oil prices climbed after the U.S. and Iran agreed to halt mutual attacks and resume discussions on the Strait of Hormuz, easing supply disruption fears. Brent crude rose 0.9% to $72.64, while WTI gained 1.2% to $70.08, reflecting cautious optimism in markets.
The truce follows days of retaliatory strikes that threatened a fragile interim agreement. A U.S. official confirmed technical talks will continue on a memorandum of understanding reached earlier this month, allowing shipping to flow more freely through the critical chokepoint.
Markets reacted with modest gains, though Dubai crude edged lower by 0.6%. Analysts noted that while Gulf tensions have eased, emerging supply constraints from AI-driven energy demand could sustain inflation risks.