Key facts
- U.S. President Donald Trump canceled planned military strikes against Iran.
- Trump cited progress in consultations and Iranian leadership approval of peace talks.
- Iran had previously announced the closure of the Strait of Hormuz.
- Oil prices fell, extending losses from the previous session.
- Gulf leaders intervened to prevent the U.S. from attacking Iran.
Oil prices extended losses after U.S. President Donald Trump canceled planned strikes against Iran, easing fears of an escalation in hostilities. Brent futures and West Texas Intermediate (WTI) crude saw early gains but remained down significantly for the week. Trump stated that discussions with Iran had progressed, leading to the cancellation of threatened strikes. Gulf leaders also called Trump to prevent an attack, which was successful in delaying immediate military action. Iran's semi-official Fars news agency, however, reported that Tehran had not approved any agreement text. The Strait of Hormuz, which carries a fifth of global oil and LNG shipments, had been announced as closed by Iran earlier in the week, contributing to elevated oil prices. The U.S. military confirmed that commercial ships were still transiting the waterway.