The upward momentum in crude markets follows confirmation from U.S. and international officials that negotiations regarding the Strait of Hormuz are back on track. Following days of volatile skirmishes, the U.S. and Iran have agreed to cease hostilities in the region and resume formal peace talks. While the diplomatic breakthrough provided a floor for oil prices, the broader energy sector remained under pressure as investors digested the steep quarterly losses that have defined the market throughout the spring.
In section Market Quotes
Energy Stocks Slide as Crude Prices Stabilize
Energy shares retreated today even as U.S.-traded crude futures climbed more than 2 percent. This modest recovery arrives at the end of a punishing second quarter, which concludes Tuesday with oil prices still nursing a roughly 30 percent decline despite the brief intraday rally.
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