Oil Prices Steady Near One-Week Highs as U.S.-Iran Peace Deal Hopes Fade

Oil prices remained largely steady on Tuesday near their highest levels in more than a week, as expectations of a potential U.S.-Iran agreement to end the conflict and reopen the Strait of Hormuz weakened.

The decline in optimism followed U.S. President Donald Trump’s demand for compensation over damage incurred by the United States.

By 0405 GMT, Brent crude futures were down 10 cents, or 0.11%, at $87.62 a barrel, while U.S. West Texas Intermediate (WTI) crude slipped 5 cents, or 0.06%, to $82.08 a barrel.