Oil prices retreat as Tehran hints at restoring safe transit through the Strait of Hormuz amid US negotiations.
West Texas Intermediate crude fell to $101.50 from session highs near $104.00 after Iran signaled progress in talks to reopen the Strait of Hormuz. Tehran’s Foreign Ministry confirmed ongoing negotiations with the US, while technical teams met in Oman to discuss transit safety mechanisms.
Prices remain over 30% above pre-war levels, pressuring bond markets and global growth. Prior warnings from US President Trump and discussions with China’s Xi Jinping underscored the waterway’s strategic importance. Consensus had anticipated stability amid ceasefire strains.
No immediate market reaction was reported beyond the price decline.