US-Iran peace deal, June 23 -- Oil prices rebounded on Tuesday after suffering a sharp decline in the previous session, supported by cautious optimism over ongoing US-Iran peace talks. Market participants also continued to monitor developments surrounding the potential resumption of crude oil flows through the Strait of Hormuz.

Brent crude futures climbed 24 cents, or 0.38%, to $78.15 a barrel, while US West Texas Intermediate (WTI) crude advanced 33 cents, or 0.46%, to $74.19 a barrel.

Oil prices dropped by more than 3% on Monday after the United States granted Iran a 60-day sanctions waiver following the initial round of peace negotiations. The decline was further supported by reports indicating a pause in hostilities in Lebanon under...