FX.co ★ Oil Steadies as Iran and Israel Halt Strikes

Crude oil held near $91 per barrel on Tuesday after giving back most of the prior session’s gains, as Iran and Israel agreed to halt attacks on each other, bolstering hopes that peace talks could advance. The two countries exchanged strikes over the weekend, jeopardizing a fragile ceasefire and stoking fears of a broader regional escalation. President Donald Trump urged both sides to deescalate and said negotiations with Tehran are ongoing, adding that oil prices should ease once the conflict is resolved. Despite the ceasefire holding, the Strait of Hormuz remains effectively closed under a dual blockade by the US and Iran, sharply curtailing shipments of crude oil, refined products, and natural gas to global markets.