Oil prices extended losses on Tuesday, as markets weighed prospects for a resumption of supply through the key Strait of Hormuz against shaky physical market drivers and a lack of details from a preliminary deal to end the Iran war, Reuters reported.
By 0631 GMT, Brent crude futures were down 45 cents, or 0.5%, at $82.72 a barrel, and U.S. West Texas Intermediate was down 24 cents, or 0.3%, at $80.51 a barrel.
On Monday, oil prices fell nearly 5% to their lowest close since March 4, after U.S. President Donald Trump said a memorandum of understanding was signed to end the U.S.-Israeli war with Iran, though full details have not been made public.
The hostilities led to the closure of the Strait of Hormuz that typically carried one-fifth of the world's oil supply before the conflict.
Some analysts expect a resumption of supply soon via the Strait, with other factors weighing down physical market prices.
"From here, it likely takes several weeks for tanker flow to be restored," Morgan Stanley analysts said in a client note.
"We see 50% of production back by September, and 80% by December, slightly faster than before."
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