Oil rises after US Iran peace deal, Brent at $79.43
Business
Oil prices ticked up a bit on Wednesday after the US and Iran struck a new peace deal, sparking hopes that oil trade through the key Strait of Hormuz could bounce back.
Brent crude rose to $79.43 per barrel and US WTI hit $76.53, recovering from recent three-month lows.
Ceasefire extended, Iran oil sales resume
The agreement extends April's ceasefire by 60 days, lets Iran sell oil again, and lifts the US blockade on Iranian ports.
Still, industry officials say it'll take time for Iran's oil output to fully recover, so expect some price swings while everyone waits to see how things play out.
Regional tensions remain high too, with Israel distancing itself from the deal and new drone strikes in Lebanon adding uncertainty about how quickly things will stabilize.