Oil Steadies as Iran Assesses Fresh US Proposal to End the War

Oil steadied after plunging 7% in the previous session, as the US and Iran weighed a fresh proposal to end the war in the Middle East.

West Texas Intermediate traded near $96 a barrel, while Brent closed above $101. Washington has presented a one-page memorandum of understanding that will potentially lead to the gradual reopening of the Strait of Hormuz, a person familiar with the matter said. Iran is expected to respond in coming days.