Oil prices edged higher on Tuesday as traders weighed the lack of clarity surrounding a preliminary agreement aimed at ending the conflict between the U.S. and Iran, while concerns persisted that oil flows through the Strait of Hormuz may not resume as quickly as initially expected.
The rebound followed a sharp selloff on Monday, when oil prices tumbled nearly 5% to their lowest closing level since March 4. The decline came after U.S. President Donald Trump announced that a memorandum of understanding had been agreed to end the U.S.-Israeli war with Iran.
