Oil Steadies Near Lowest Since March on Outlook for Hormuz Deal

Oil prices held near their lowest since early March after dropping nearly 5% on Monday, driven by optimism over a US-Iran deal expected to reopen the Strait of Hormuz. WTI traded near $81/barrel while Brent settled near $83, erasing most of the conflict-driven gains and easing inflationary pressures ahead of the Fed's rate decision. Nearly 300 cargo vessels remain waiting to exit the Persian Gulf, with analysts noting full supply normalization is unlikely before end-July.