US and Iran negotiate ceasefire extension as oil prices stabilize

Oil prices settled at the end of a turbulent week as the United States and Iran continued talks over a ceasefire deal. The two countries have been in conflict for more than three months, after the US and Israel attacked Iran. A fragile ceasefire has been in place since April, but fighting broke out again during the negotiations. The Strait of Hormuz, a key route for oil tankers, has stayed largely closed, though some ships are still passing through. Iran is currently reviewing a proposal from the US to end the war. President Trump said he expects a deal within a week. In June, both sides agreed on a memorandum of understanding to guide further talks.