Crude oil prices experienced a volatile trading session on Thursday. Axios reported a tentative 60-day ceasefire extension between the U.S. and Iran. The agreement currently awaits final approval from the U.S. President.
Prices reversed earlier gains sparked by fresh military strikes. WTI Crude ultimately settled with little change near $89 per barrel.
The proposed memorandum of understanding would launch negotiations regarding Iran's nuclear program. The deal guarantees unrestricted shipping through the Strait of Hormuz. Terms require Iran to remove naval mines within 30 days. The U.S. will gradually lift its naval blockade to ease global supply concerns.
An Iranian news agency stated the text of the potential deal has not been finalized or confirmed.