u/No_Demand535

Oil futures moved slightly higher in a sideways session as tensions around the Strait of Hormuz kept the market supported. Iran continued to assert control over the key waterway, while Presidents Trump and Xi Jinping, meeting in Beijing, said the route should remain open and that Iran should not be allowed to charge transit tolls.

U.S.-Iran talks remain stalled. Pavel Molchanov of Raymond James said prices are unlikely to reach new highs if the cease-fire holds, but added that a meaningful decline would likely require at least a partial U.S.-Iran deal to reopen Hormuz.

WTI and Brent both settled 0.1% higher at $101.17 and $105.72 a barrel, respectively.