Oil Prices Decline Amid Hopes for US-Iran Peace Deal and Rising Iranian Oil Exports

Oil prices declined as hopes for a permanent US-Iran deal increased, with shipping traffic through the Strait of Hormuz picking up. Iran's chief negotiator stated that the country has exported over 40 million barrels of oil since the lifting of a US blockade, contrasting with zero exports during the previous 50-60 days. He also affirmed Iran's prioritization of diplomacy while remaining prepared for war. A Wall Street bank issued warnings about a potential supply glut.