Oil Swings as Traders Gauge Report of Push for Iran Ceasefire

Oil switched from gains to losses, as traders weighed a reported push for a ceasefire in the Middle East against a fresh ultimatum from US President Donald Trump for Iran to reopen the Strait of Hormuz.

Global benchmark Brent traded near $109 a barrel, after earlier rising close to $112. The US, Iran and regional mediators were discussing terms of a potential 45-day pause that could lead to a permanent end to the war, Axios reported, citing sources with knowledge of the talks. Still, chances of a partial deal over the next 48 hours were low, it said.

At the ...