pakistan
Oil gains after selloff, awaits progress on Strait of Hormuz flows
Key takeaways
- Brent crude futures gained 24 cents, or 0.38%, to $78.15 a barrel and U.S.
- Prices fell more than 3% on Monday after the United States granted Iran a 60-day sanctions waiver following initial peace talks, and as officials reported a lull in hostilities in Lebanon under the broader agreement.
- The developments followed a weekend that had appeared to put the week-old accord in jeopardy, including threats from U.S.
Why this matters: local context for readers following news across Pakistan and the region.
Add ARY News on Google AAResize Oil prices rebounded on Tuesday after a sharp fall the previous session supported by tempered optimism over U.S.-Iran peace talks, while investors awaited clearer signs of progress in restoring crude flows through the Strait of Hormuz.
Brent crude futures gained 24 cents, or 0.38%, to $78.15 a barrel and U.S. West Texas Intermediate rose to $74.19 a barrel, up 33 cents, or 0.46%, as of 0026 GMT.
Prices fell more than 3% on Monday after the United States granted Iran a 60-day sanctions waiver following initial peace talks, and as officials reported a lull in hostilities in Lebanon under the broader agreement.
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