Oil Steadies as Traders Seek Clarity on Planned Hormuz Reopening (opens original article in a new tab)

Oil prices declined as traders awaited clarity on the US-Iran deal to reopen the Strait of Hormuz, with supply restoration expected to take until late July due to logistical challenges.

• Oil prices fell as traders awaited details on the US-Iran deal for the Strait of Hormuz reopening
• The interim agreement is set to be signed in Switzerland on Friday but no text has been released
• Oil supply may not return to prewar levels until late July due to logistical challenges
• Nearly 300 vessels are waiting to exit the Persian Gulf and similar number to enter