Oil prices little changed as US-Iran peace efforts hold

Oil prices saw minimal change as peace talks between the U. S. and Iran offered hope for the Strait of Hormuz's reopening.

Despite recent skirmishes, a potential deal is expected to hold, boosting Middle Eastern supply.

Gulf producers, including Kuwait and Saudi Arabia, are increasing output, leading to a near-term oil glut and a shift in market structure. This increased availability is outpacing demand, particularly from China.