FX.co ★ Oil Holds Losses as Markets Await US-Iran Deal

Crude oil traded below $82 per barrel on Tuesday after sliding nearly 5% in the previous session, as investors awaited more details on a reported US-Iran peace agreement that could reopen the Strait of Hormuz. The interim accord is expected to be signed in Switzerland on Friday, and President Donald Trump has said that the free flow of oil from the Persian Gulf will resume once the deal takes effect. However, neither Washington nor Tehran has released the text of the memorandum of understanding, keeping markets on edge and leading shipping companies to delay sending vessels through the route until there is greater clarity. Oil markets have been severely disrupted since the conflict began in late February, with the near-closure of the Strait of Hormuz affecting about one-fifth of global crude shipments.