How are Brent and US crude oil prices reacting?

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Brent and US crude prices are easing and holding firmer, respectively
Brent crude futures gave back early gains and fell 0.4% to US$80.17 a barrel, well below its May peak of US$126.41. US crude, by contrast, stayed 1.2% higher at US$77.52 a barrel.
Brent crude falls after giving up early gains
Brent crude futures moved down 0.4% to US$80.17 per barrel after starting the session with gains. The level remains far from its May peak of US$126.41.
US crude holds onto gains
US crude was 1.2% firmer at US$77.52 per barrel, indicating prices were supported even as Brent eased. The two benchmarks therefore moved in opposite directions on the day.
The move followed oil-market jitters tied to Iran-US developments
The session’s oil price swings came alongside news about Iran-US peace talks and Iran’s Strait of Hormuz closure announcement. Reporting showed fewer vessels transiting after 32 ships made the passage on Friday and 26 on Saturday, a backdrop that initially supported prices before Brent later eased.

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How are Brent and US crude oil prices reacting?

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