Oil prices fell and then rose on Wednesday as investors weighed a preliminary agreement between the United States and Iran amid uncertainty about its provisions.
Traders are hoping the deal, which Iranian and U.S. officials were expected to sign on Friday, would lead to the quick reopening of the Strait of Hormuz. President Trump said he hoped the war with Iran would soon be in the “rearview mirror.” Neither country has publicly released the text of the agreement.
A full recovery of oil flows from the Middle East will take time, the International Energy Agency said on Wednesday, but the eventual surge in crude oil production coupled with weaker global demand could lead to a glut next year.
