business ⛽ Oil prices dip amid Strait of Hormuz talks
Crude oil prices pulled back from their session highs following reports of negotiations between the US and Iran. These talks are reportedly discussing a phased deal to resolve the standoff in the Persian Gulf region. Brent crude had earlier jumped 2.5% to $105.69 a barrel after the news broke. A senior Iranian official suggested Tehran could allow Strait of Hormuz navigation for the US to lift its naval blockade. This development comes as tensions remain high despite recent political speeches from both presidents.