Oil Holds Drop as More Tankers Cross Hormuz After Peace Talks

Oil Holds Drop as More Tankers Cross Hormuz After Peace Talks Oil held declines as more tankers openly cross the Strait of Hormuz, with the US and Iran making progress toward ending the war. West Texas Intermediate traded near $73 a barrel after falling less than 1% in the previous session. Brent crude closed above $77. Vessels are transiting the strait with their satellite signals switched on, signaling growing confidence by shipowners, while the International Maritime Organization said it had received safety guarantees allowing hundreds of ships to exit the Persian Gulf.