Oil rises 0.3% as uncertainty over US-Iran memo clouds supply restart via Strait of Hormuz

The U.S. and Iran have signed a preliminary memorandum aimed at ending the conflict, but no details have been made public and a permanent truce has yet to be agreed. Markets remain wary that restoring flows through the Strait of Hormuz could take longer than expected due to tasks such as mine-clearing, the return of marine insurance and restarting facilities. Brent rose 0.3% to $83.42 a barrel and WTI gained 0.3% to $81.12 a barrel. Analysts said the energy risk premium may be slow to fully unwind in the near term.