West Asia LIVE: Iran and U.S. to embark on two months of peace talks on June 19

Oil prices edged higher in early trade on ‌Wednesday (June 17), clawing back some of the previous session’s losses, as investors assessed whether the Iran war will truly end and ⁠the Strait of Hormuz reopen.

Brent crude futures gained 47 cents, or 0.6%, to $79.43 a barrel, while U.S. West Texas Intermediate rose to $76.53 a barrel, up 48 ‌cents, or 0.6%, as of 0038 GMT.

Both benchmarks fell about 5% for a second straight session on Tuesday to three-month ‌lows on hopes a U.S.-Iran deal would allow oil flows through ‌the ⁠Strait.

-Reuters