Oil prices trade lower to mixed following developments around US-Iran diplomacy and the Strait of Hormuz. Multiple reports say crude falls when President Donald Trump signals negotiations are near completion but also threatens further attacks if no deal is reached. Bloomberg reports oil declines for a second day as traders weigh Trump’s latest Iran threat, while another Bloomberg account links the move to optimism the US and Iran tentatively extend their ceasefire by 60 days. Other outlets describe a separate phase in which markets react to interim or continuing talks, including claims from Iranian state television and a US official that a reopening-related pact is signed digitally by the presidents. Reports also point to expectations that reopening or partial resumption of tanker traffic through Hormuz could ease supply concerns, even though traffic is still described as limited or mostly closed in parts of the process.

At the same time, several articles note that investors remain cautious because the Middle East conflict disrupts supply and inventory levels are being drawn down. The Economic Times cites US Strategic Petroleum Reserve withdrawals and lower commercial inventories, while Iran’s steps to exert control over the strait and the US blockade are presented as reasons disruption could persist. By the end of the coverage, some reports describe prices stabilizing or slightly recovering as hopes of easing tensions and restoring Hormuz traffic increase.