Oil prices rebounded from a six-week low as market participants reacted to uncertainty surrounding a potential peace deal between the US and Iran. The geopolitical tensions continue to influence crude markets as traders monitor diplomatic developments that could reshape global oil supplies and impact energy sector investments.

Brent crude advanced toward $93 a barrel after closing at its lowest since mid-April, while West Texas Intermediate hovered near $89. The US and Iran exchanged messages over the weekend regarding a draft agreement aimed at extending a ceasefire and reopening the crucial Strait of Hormuz shipping lane.

Market analysts note the price movement reflects the delicate balance between potential supply increases from Iran and ongoing demand concerns. Diplomatic sources indicate no clear progress has been made on resolving key sticking points in the negotiations, leaving oil markets in a state of flux with trading volumes above average.