CryptoWorld News reports that U.S. crude oil opened slightly higher, due to ongoing disagreements between the U.S. and Iran over how to reopen the Strait of Hormuz. Trump stated that he is “not satisfied” with the negotiations. The White House denied reports from Iran about a draft agreement, which claimed that Iran and Oman would oversee shipping through the strait. Despite the challenges, there is optimism that at least a temporary agreement can be reached by both sides, and crude oil prices are still expected to decline for the second consecutive week. The prolonged negotiations hinge on issues such as Iran’s desire to retain control over the Strait of Hormuz and the fate of its nuclear program. Joe Delaura, Global Energy Strategist at Rabobank, said, “The oil market is currently too ‘status quo’ oriented. The release of strategic petroleum reserves is helping to buffer some of the supply losses caused by the conflict.”