The gains are, at least initially, modest. About an hour into trading, North Sea oil was up 0.8 percent and costing $72.56 per barrel, according to CNBC.
Shortly before the opening, Axios reported that the US and Iran had agreed to stop attacking each other.
After the US and Israel launched the war against Iran on February 28, oil prices occasionally rose to $115-$120. But since a deal between the US and Iran was signed in mid-June, prices have plummeted.
