Oil prices stabilize, traders focus on reports of efforts to push for a ceasefire in Iran.

As the market focuses on a report about a ceasefire in the Middle East, oil prices are stabilizing. Earlier, US President Donald Trump issued a new ultimatum to Iran to resume navigation in the Strait of Hormuz. Brent crude futures traded below $110 per barrel, giving back most of the morning gains; West Texas Intermediate crude futures hovered around $112 per barrel. Axios cited informed sources as saying that the US, Iran, and regional mediators are discussing a potential 45-day ceasefire arrangement, which could lead to a permanent end to the war. However, the report stated that it is unlikely to reach any partial agreement within the next 48 hours.