Oil prices steadied after Israel and Iran agreed to halt attacks following a Middle East escalation that threatened wider peace efforts. West Texas Intermediate traded above $91 a barrel while Brent settled near $94, with both benchmarks slightly higher Monday as markets digested the de-escalation.

The truce came after hostilities put negotiations to end the Middle East war at risk, prompting President Trump to appeal for calm. Despite the ceasefire, the Strait of Hormuz remains effectively closed by blockades from Tehran and Washington, continuing to choke off crude supplies to global customers.

Even with a potential US-Iran peace deal, oil flows face multiple obstacles. Mines in Hormuz need removal, damaged infrastructure requires repair, and offline fields could take months to restart. Oil remains "headline driven," with analysts saying prices need to be firmly in triple digits to account for depleted stock levels.