Brent crude, the international benchmark, climbed less than 1% but went back above $80 a barrel at 9:31 a.m. However, most of the focus is on whether the Strait of Hormuz will reopen as a result of ongoing talks. Reuters detailed on Tuesday that Tehran is seeking to control inbound shipping through the Hormuz Strait and have oversight over outbound traffic. All inbound traffic would go through Iranian waters, while outbound traffic would go through Omani waters in coordination with Tehran. After the median waterway is cleared, it would be used for both inbound and outbound traffic under a permanent deal to be negotiated between Iran and Oman.