Oil steadied after its largest one-month gain as renewed uncertainty over
US‑Iran talks raised the risk of prolonged Gulf supply disruption. US media
quoted Trump saying a memorandum on reopening the Strait of Hormuz could be
reached within a week, but Washington still needs to finalize several details.
Earlier reports said Iran halted talks, threatened to block the Bab al‑Mandeb
and planned a full closure of the Strait of Hormuz. CIBC senior energy trader
Rebecca Babin warned that if negotiations stall, the market’s prior pricing
“cushion” tied to a best‑case outcome would evaporate, and that repeated
reversals mean nothing is certain.
