Crude opened firmer after reports suggested Iran had closed the Strait of Hormuz. However, this then reversed on a joint mediator statement, Brent currently in the red.

Crude opened firmer after reports suggested Iran had closed the Strait of Hormuz. However, this then reversed on a joint mediator statement, Brent currently in the red.

Oil prices retreated on Monday after signs of progress in US-Iran negotiations eased fears of ongoing supply disruptions in the Strait of Hormuz, a critical global oil transit…