Oil Prices Steady as US-Iran Strait of Hormuz Negotiations Continue

Brent crude futures increased by $1.4, or 1.6%, reaching $89.12 a barrel, according to reports. This rise comes as the United States and Iran exchange demands related to the reopening of the Strait of Hormuz.

Despite the increase in oil prices, hopes for a peace deal between the US and Iran are reportedly dimming, adding uncertainty to the situation in the region.