Oil prices edged higher in early trade on Wednesday, clawing back some of the previous session's losses, as investors assessed whether the Iran war will truly end and the Strait of Hormuz reopen. Brent crude futures gained 47 cents, or 0.6%, to $79.43 a barrel, while U.S. West Texas Intermediate rose to $76.53 a barrel, up 48 cents, or 0.6%, as of 0038 GMT. Both benchmarks fell about 5% for a second straight session on Tuesday to three-month lows on hopes a U.S.-Iran deal would allow oil [Read more]

A $300 billion private fund designed to trigger investment into Iran is outlined in the U.S.-Iran framework agreement and more than half that sum has already been committed, a source with direct knowledge of the deal told Reuters. The fund is designed to give both sides an economic incentive to conclude a final deal, said the source, who spoke on condition of anonymity because the plan has not yet been announced as Washington and Tehran prepare to sign on Friday. U.S. and Iranian officials [Read more]

The U.S. electric grid’s mounting reliability problems have contributed to higher power bills for millions of homes and businesses. Fixing it could offer a massive payout opportunity for the executives charged with that task. CEOs of the 15 largest U.S. power companies are sitting on nearly $1 billion in stock-based pay, according to a Reuters analysis of regulatory disclosures, value that is poised to keep rising as their firms invest heavily to fix America's electrical grid. That's [Read more]

Morgan Stanley has lowered its Brent crude oil price forecast for the fourth quarter of this year by $15 per barrel to $80, after the U.S. and Iran signed a preliminary agreement to end the war in the Gulf. "From here, it likely takes several weeks for tanker flow to be restored; we see 50% of production back by September, and 80% by December, slightly faster than before," the bank said in a note late on Monday. Morgan Stanley joined other banks in lowering their oil price forecasts after [Read more]