Key facts
- Oil prices stabilized following a previous decline.
- The US granted a 60-day waiver on Iranian oil sales.
- This waiver is tied to progress in peace talks between the US and Iran.
- Brent crude traded around $77.51 per barrel, and WTI at $73.62 per barrel.
- At least three supertankers carrying 6 million barrels of Iranian crude transited the Strait of Hormuz.
Oil prices stabilized as a United States waiver on Iranian oil sales for the duration of a 60-day cessation of hostilities signals progress in peace talks. Brent crude traded around $77.51 per barrel, and West Texas Intermediate at $73.62 per barrel. The waiver allows Iran to sell some oil and petroleum products, potentially increasing its exports and easing global energy supply concerns. This development follows reports of progress in negotiations between the US and Iran, including an agreement on a mechanism to end fighting between Israel and Lebanon. At least three supertankers carrying a total of 6 million barrels of Iranian crude were observed transiting the Strait of Hormuz, the most in a single day since the conflict began. Analysts note that while the market anticipates a quicker normalization of oil flows, the ceasefire remains fragile.