Oil steadied after its steepest decline in more than three months as the United States and Iran signaled they were willing to pursue peace talks. The war in the Middle East is entering its ninth month.
West Texas Intermediate traded near $96 a barrel after dropping 7.4% on Monday. Brent crude closed below $105.
Iran’s president said the government had received greater authority from the country’s supreme leader to engage in negotiations. US President Donald Trump also hinted at progress in discussions.
Sources: Bloomberg Markets.