Trump's Strike Call-Off Fuels Optimism on Iran Deal

WTI oil prices have declined as traders focus on ongoing negotiations in the Middle East. US President Trump called off a major attack on Iran to provide additional time for talks, which has led to increased optimism about a potential deal.

Iran and Oman are discussing a temporary route for vessels through the Strait of Hormuz, ensuring their safety according to Iranian foreign ministry officials. However, this development was met with skepticism by President Trump, who claimed that Iranian officials lied and were actually negotiating with the US.

Trump emphasized that Iran should make a deal quickly, starting with the complete opening of the Strait of Hormuz. If a deal falls apart, oil traders expect prices to rally in anticipation of potential US strikes against Iran.