Crude oil prices advanced Monday following a U.S.-Iran agreement to halt military hostilities. Both nations agreed to resume peace negotiations after several days of retaliatory strikes in the Persian Gulf.
The recent conflict threatened the security of the vital Strait of Hormuz shipping lane. Investors re-evaluated global supply risks as the ceasefire highlighted the fragility of regional peace.
West Texas Intermediate crude rose 1.3% during the session. The U.S. benchmark traded near $70 per barrel. Global benchmark Brent crude also gained to trade around $72.50 per barrel.