Oil gains after selloff, awaits progress on Strait of Hormuz flows (opens original article in a new tab)

Oil prices rebounded after a sharp fall, supported by tempered optimism over U.S.-Iran peace talks, while investors awaited progress in restoring crude flows through the Strait of Hormuz. U.S. crude stocks fell to their lowest level since 1983.

• Oil prices rebounded after a sharp fall due to tempered optimism over U.S.-Iran peace talks
• Brent crude futures rose 0.38% to $78.15 a barrel and U.S. West Texas Intermediate rose 0.46% to $74.19 a barrel
• Investors awaited clearer signs of progress in restoring crude flows through the Strait of Hormuz
• U.S. crude stocks in the Strategic Petroleum Reserve fell to 331.2 million barrels, the lowest since June 1983
• Two crude tankers with just under 2 million barrels of oil sailed through the Strait of Hormuz on Monday