Oil steadies near one-week highs as US-Iran peace deal hopes dim
- Posted on August 11, 2026
- By Business News Today
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Oil steadies near one-week highs as US-Iran peace deal hopes dim
Oil prices maintained their position on Tuesday as hopes for a US-Iran deal faded, hampered by President Trump's stringent demands that are complicating operations in the Strait of Hormuz. The restart of Saudi Aramco's Jazan refinery has been pushed back due to recent Houthi assaults, leading to constrained energy flows and a marked decline in crude oil exports through this strategic area.
