Oil prices stabilise as investors weigh Iran war end, Hormuz reopening uncertainty

Oil prices edged higher in early trade on Wednesday, ​clawing back some of the previous session’s losses, as investors assessed whether the Iran ‌war will truly end and the Strait of Hormuz reopen. Brent crude futures gained 47 cents, or 0.6%, to $79.43 a barrel, while US West Texas Intermediate rose to $76.53 a barrel, up 48 cents, or 0.6%, as of 0038 GMT. Both benchmarks ​fell about 5% for a second straight session on Tuesday to three-month lows on hopes ​a U.S.-Iran deal would allow oil flows through the Strait. “Oil markets retreated on expectations ⁠the Strait of Hormuz would reopen following the peace agreement, but traders held off further selling ​pending details,” said Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment, a unit of Nissan Securities.