Crude oil traded below $76 per barrel on Wednesday, stabilizing after two consecutive sessions of losses exceeding 5%, as investors became more confident that an agreement to reopen the Strait of Hormuz may be imminent. According to Axios, the US, Iran and Oman are nearing a 60-day interim deal to reopen the key waterway without tolls, with Washington aiming to announce the agreement as early as Wednesday.
US President Donald Trump also adopted an upbeat stance, stating that negotiations with Tehran were “moving along very nicely” and that more details would be available within 48 hours. In parallel, Qatar said a draft interim proposal had been prepared, while reports suggested that Iran was considering allowing European countries to conduct mine-clearing operations in the strait.
At the same time, Yemen’s Houthi movement claimed it had attacked a Saudi vessel in the Red Sea. Despite the mounting geopolitical developments, oil prices remained well below their recent highs.
