I just checked the oil movements this morning and the decline is notable. Brent fell nearly 3% to $96.50, and WTI plummeted more than 23% to reach $95.69. Everything changed after Trump mentioned that Iran "wants to reach an agreement" and it was announced that dialogue between both parties remains open, which calmed the market quite a bit.

Tensions had been at their peak after Iran's ports were blockaded, which Trump announced over the weekend, but it seems that Pakistan's mediation and signals of negotiation eased concerns about supply risks. Interestingly, NATO allies did not join the blockade and pressed for the reopening of the Strait of Hormuz.

What’s curious is that Australia and New Zealand Banking Group has just revised its oil price forecasts upward. They now expect Brent to close the year at $88 per barrel, significantly above their previous estimate of $80. Although the U.S. Energy Secretary predicts that traffic through the strait will return to substantial levels in the coming weeks, so oil could continue to move. The IMF and the World Bank also urged countries to avoid hoarding energy.