US-Iran peace deal, June 17 -- Oil prices inched higher during early trading on Wednesday, 17 June, recovering a portion of the losses recorded in the previous session, as investors evaluated the likelihood of the Iran conflict coming to an end and the reopening of the Strait of Hormuz.

Brent crude futures rose 47 cents, or 0.6%, to $79.43 per barrel, while US West Texas Intermediate (WTI) crude advanced 48 cents, or 0.6%, to $76.53 per barrel.

Despite the rebound, both benchmarks had declined nearly 5% on Tuesday, marking a second consecutive session of losses and hitting three-month lows, amid expectations that a potential US-Iran agreement could help restore oil shipments through the Strait of Hormuz.

The key details of the interim ...