Oil prices steadied as traders took note of fresh progress in talks to extend a US-Iranian ceasefire and reopen the strategically vital Strait of Hormuz. The move came after early reports suggested negotiators were closing in on terms that could defuse tensions in the energy corridor.

The Strait of Hormuz carries a significant share of global crude exports. Any disruption there sends shockwaves through markets, which explains why even modest progress in diplomatic talks kept prices from sliding further. The ceasefire extension discussions carry real weight for commodity traders watching shipping routes and supply chain risk.

For now, the market is reading signals that a deal extension is within reach. That's enough to anchor sentiment and prevent a sharper selloff. Whether talks solidify into a binding agreement remains uncertain, but the current trajectory has given oil bulls a brief reprieve.