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The Economic Times

Business

Oil gains after selloff, awaits progress on Strait of Hormuz flows

Strait of Hormuz Oil Donald Trump United States Iran Tim Waterer

Oil prices rebounded on Tuesday after a sharp fall the previous session supported by tempered optimism over U.S.-Iran peace talks, while investors awaited clearer signs of progress in restoring crude flows through the Strait of Hormuz.

Brent crude futures gained 24 cents, or 0.38%, to $78.15 a barrel and U.S. West Texas Intermediate rose to $74.19 a barrel, up 33 cents, or 0.46%, ‌as of ⁠0026 GMT.

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