Brent and WTI tick up amid talks on Hormuz shipping
Business
Oil prices made a small comeback on Wednesday after some dramatic drops earlier in the week.
Brent crude and US WTI both ticked up by 0.6% as investors watched U.S.-Iran negotiations closely, since these talks could decide how easily oil gets shipped through the crucial Strait of Hormuz.
U.S.-Iran ceasefire may ease oil exports
A new U.S.-Iran ceasefire agreement might help keep oil flowing by letting Iran export again and easing restrictions on its ports.
The truce extends an earlier deal for another 60 days, but getting oil production back to normal could take a while.
There is still pushback from Israel and worries about regional tensions, though Trump says the deal would prevent Tehran from developing a nuclear weapon.