Key facts
- Oil prices steadied after an initial decline.
- Optimism surrounding peace talks is supporting oil prices.
- Brent crude for August delivery added 0.4% to $95.36 a barrel.
Oil prices steadied, marking a pause in the week's trend after experiencing an initial decline. Brent crude for August delivery added 0.4% to $95.36 a barrel at 11:49 a.m. in Singapore. The stabilization is attributed to growing optimism surrounding ongoing peace talks, suggesting that diplomatic efforts are beginning to influence market sentiment in the energy sector. Traders are awaiting further indications regarding Iran-US peace talks, closely monitoring developments that could impact global energy supply and demand dynamics.