Oil falls 3% on Iran-US ceasefire hopes

Oil prices declined by about 3% due to investor optimism about reaching a truce between the United States and Iran, amid fears of disrupted oil supplies in the Middle East caused by Houthi attacks on Saudi Arabia. Currently, Washington and Tehran are exploring diplomatic avenues, including reopening the Strait of Hormuz and lifting economic sanctions, which has led to a relatively stable oil market despite escalating military tensions. Oil flows through the strait have remained almost steady, with continued Saudi and Iraqi exports, while the market is also examining the possibility of a ban on American diesel exports and its potential impact on global oil prices.

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