Oil steadies near $83 as traders weigh US-Iran truce details

Oil prices held near recent lows Tuesday as traders assessed whether a preliminary US-Iran pact will reopen the Strait of Hormuz and restore disrupted crude flows. Brent crude was down 0.3% at $82.92 a barrel in Singapore trading, while US benchmark WTI slipped 0.1% to $80.66 after both contracts dropped nearly 5% on Monday. The selloff followed President Donald Trump's disclosure of a memorandum of understanding to end the US-Israeli war with Iran, though the terms have not been released. Iranian President Masoud Pezeshkian called the pact an important step but warned a lasting truce was not yet in place. Morgan Stanley expects tanker flows to recover over several weeks, with 50% of production back by September and 80% by December.