#Utcoil

Oil advanced after deadly attacks in Saudi Arabia heightened concerns that escalating Middle East hostilities could hit supply, even as exports through the Strait of Hormuz accelerate.

Oil slumped for a second day after Axios reported that the US and Iran are getting close to a one-page memorandum of understanding to end the war.

Oil prices fell on fresh hopes that elusive peace talks between the US and Iran may materialize after all and pave the way for the resumption of energy flows though the vital Strait of Hormuz.