Crude oil prices rebound after selloff, progress on Strait of Hormuz flows awaited; Brent at $78 per barrel

Crude oil prices rebounded on Tuesday after a 3% selloff in the previous session, with Brent crude rising 0.38% to $78.15 per barrel and WTI up 0.46% to $74.19 per barrel. The recovery was supported by cautious optimism over US-Iran peace talks, though the US granted Iran a 60-day sanctions waiver allowing refiners to purchase Iranian crude. Meanwhile, ship-tracking data showed two tankers carrying nearly 2 million barrels successfully transited the Strait of Hormuz, and US Strategic Petroleum Reserve inventories fell to 331.2 million barrels, the lowest since June 1983.