US-Iran peace deal, June 17 -- Oil prices hovered near a three-month low on Wednesday, 17 June, as investors evaluated the likelihood of the Iran conflict coming to an end and the reopening of the Strait of Hormuz.

Brent crude remained below $80 per barrel after tumbling 15% over the previous four sessions, marking its longest losing streak of the year. Meanwhile, West Texas Intermediate traded around $77 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 peace agreement between US a...