Oil prices have steady and little changed for the week as traders hold on to hopes that attempts to secure peace in the Middle East between the United States and Iran will succeed, Reuters reports.

Brent futures were up 17 cents, or 0.24 per cent, to $71.97 a barrel at 9:32 GMT (2:32pm PKT). West Texas Intermediate was up 2 cents, or 0.03pc, at $68.71 a barrel.

“The US-Iran dealmaking process remains fragile but continues for now, as the question of Strait of Hormuz tolls and administration remains contentious,” Citi analysts write.

“We expect the MoU (memorandum of understanding) to hold, not because trust has suddenly emerged, but because the incentives to break are poor for both sides.”