Crude oil prices rebound after selloff, progress on Strait of Hormuz flows awaited; Brent at $78 per barrel (opens original article in a new tab)

Crude oil prices rebounded on Tuesday after a selloff, with Brent at $78.15 per barrel, as optimism over US-Iran peace talks and potential Strait of Hormuz flow resumption influenced the market.

• Brent crude futures rose 0.38% to $78.15 a barrel on Tuesday
• Oil prices dropped over 3% on Monday after a US sanctions waiver for Iran
• Market participants monitor Strait of Hormuz oil flow resumption