Oil prices experienced a decline following indications of progress in negotiations between Iran and the United States aimed at de-escalating tensions. Brent crude oil fell by 2 percent, reaching $79.01 a barrel, continuing a downward trend initiated after a preliminary agreement last week. Mediators from Pakistan and Qatar announced the completion of the first round of talks, with a sixty-day plan established for a final peace deal. Despite initial setbacks linked to threats from former President Trump, millions of barrels of oil continued to transit the Strait of Hormuz, even after Iran claimed its closure. Conflicting reports persist regarding the Strait’s status, with Iran announcing a closure due to attacks in Lebanon, while the US reports no evidence of blockage. Maritime organizations have issued warnings regarding safety in the waterway, citing concerns about mines and congestion.