Oil prices fluctuate amid ongoing US-Iran diplomatic negotiations

Oil prices have experienced volatility as the United States and Iran engage in efforts to resume negotiations following the breakdown of weekend talks in Pakistan. President Donald Trump indicated that Tehran reached out for potential deals, while Iranian President Masoud Pezeshkian expressed willingness to continue dialogue under international law. Tensions remain high due to a naval blockade in the Strait of Hormuz, with conflicting reports regarding the number of ships passing through the waterway. Market analysts are closely watching the situation, noting that global oil production dropped by 7.9 million barrels per day in March, largely due to the Strait's closure. US crude inventories rose by 6.1 million barrels last week, marking the eighth consecutive weekly increase. The International Energy Agency anticipates a potential decline in global demand this year due to high prices, while US Energy Secretary Chris Wright warned that prices could peak in the coming weeks. Official sources differ on the market direction, with some reports citing price dips due to hopes for de-escalation, while others highlight sustained global concerns.