Oil prices closed with mixed results as market participants reacted to growing expectations of normalized shipping through the Strait of Hormuz. This optimism stems from a recently signed memorandum of understanding between the United States and Iran, suggesting potential de-escalation. Brent crude saw a modest increase of 0.4% during the trading session. The initial surge in positive sentiment was tempered by ongoing concerns regarding global economic growth and potential impacts on oil demand. Analysts suggest the market is cautiously optimistic, awaiting further details and concrete actions following the agreement. The situation remains fluid, and price volatility is expected to continue as the geopolitical landscape evolves. Further monitoring of the implementation of the MOU will be crucial for assessing long-term impacts on oil supply and prices.