Oil prices rebounded from four-month lows on Monday as the U.S. and Iran agreed to halt military strikes and meet for peace talks. Brent crude for September delivery rose 0.8 percent to $73.19 a barrel, while WTI crude for August delivery surged 1.2 percent to $70.04. The two nations will meet Tuesday in Doha to resolve disputes over shipping routes and transit fees, following attacks on commercial vessels and retaliatory strikes on military sites. Meanwhile, Hezbollah’s leader rejected the Israel-Lebanon framework agreement, and the International Maritime Organization estimated around 80 naval mines remain in the Strait of Hormuz, complicating the reopening of the shipping corridor.
U.S. and Iran agree to halt military strikes and meet for peace talks, reducing supply disruption risk.
U.S. and Iran agree to halt military strikes and meet for peace talks, reducing supply disruption risk.