In early Asian trading, oil prices fell at a time when the Strait of Hormuz is expected to reopen. The strait is a key waterway, and one-fifth of the world's oil is transported through this waterway. Tickmill's Joseph Dahrieh said in an email that Iran seemed “close to reaching an understanding with Oman on the Strait of Hormuz issue”. The managing director stated, in addition, “President Trump has not ordered a new round of military action in the Middle East, which strengthens hopes for a diplomatic solution.” Dahrieh added, however, “Iran denies the existence of negotiations with the US, which may still limit the extent of the price pullback”. West Texas Intermediate oil futures fell 0.6% to $79.88 a barrel in recent months.

In early Asian trading, oil prices fell at a time when the Strait of Hormuz is expected to reopen. The strait is a key waterway, and one-fifth of the world's oil is transported through this waterway. Tickmill's Joseph Dahrieh said in an email that Iran seemed “close to reaching an understanding with Oman on the Strait of Hormuz issue”. The managing director stated, in addition, “President Trump has not ordered a new round of military action in the Middle East, which strengthens hopes for a diplomatic solution.” Dahrieh added, however, “Iran denies the existence of negotiations with the US, which may still limit the extent of the price pullback”. West Texas Intermediate oil futures fell 0.6% to $79.88 a barrel in recent months.