• WTI Oil prices have reached $62.50 on Wednesday after bouncing from $61.76 lows.
• The lack of details about the progress in the US-Iran negotiations has dampened hopes of a peace deal.
• Speculation about further OPEC+ Crude supply hikes from April is keeping rallies muted for now.

Crude Oil prices are trimming some of Tuesday’s losses on Wednesday, reaching session highs near $62.50 per barrel, after bouncing from two-week lows at $61,76. Investors are starting to reassess the chances of a US-Iran deal after the second round of conversations ended without any tangible advance

The Iranian foreign minister, Abbas Araghchi, affirmed after the end of the negotiations that both sides had reached an agreement on a “set of guiding principles” and that the parties will exchange drafts on a potential deal.

American officials did not make comments, but the New York Times has cited a US source, affirming that progress has been made and that the Iranians pledged to deliver detailed proposals in the next two weeks to advance in the negotiations.

The lack of specific details about the progress, however, is making markets doubt. The stakes are high, with a significant US maritime force deployed in the area, and the risk of the closure of the Strait of Hormuz is looming. Hormuz is a bottleneck for 20 to 25% of global Oil supply transport, and its closure would trigger a sharp escalation in prices.

Meanwhile, news that OPEC+ countries contemplate resuming supply hikes from April, bracing for an increase in demand during the Western summertime, is keeping rallies limited for now.