Crude prices were little changed Wednesday as reports emerged that the United States, Iran and Oman were working on an arrangement to manage ship traffic through the Strait of Hormuz, a key route for global energy shipments.
The talks appeared to be a focus for oil traders weighing the potential impact on maritime movement and crude supplies. Brent crude, the international benchmark, was among the prices being watched as markets assessed the developments.
President Donald Trump told Fox News late Tuesday that negotiations had continued throughout the day. He described the situation as appearing positive, adding to expectations that the discussions could help manage traffic through the strategic waterway.
