US-Iran peace deal, June 16 -- Oil prices steadied on Tuesday, 16 June, amid concerns that a preliminary agreement aimed at ending the conflict between the US and Iran lacked sufficient details. Market participants also recognised that the restoration of oil flows through the strategically important Strait of Hormuz could take longer than initially anticipated.

As a result, Brent crude futures rose 26 cents, or 0.3%, to $83.42 per barrel, while US West Texas Intermediate (WTI) crude gained 46 cents, or 0.3%, to reach $81.12 per barrel after their biggest fall in two weeks in the previous trade.

Back home, crude oil prices on Multi Commodity Exchange (MCX) also witnessed a similar upward movement on Tuesday. MCX crude oil prices rose mar...