As of 06:53 Beijing time, expiring Brent August futures were down 1%, roughly
$20 below the end‑May close (about a 22% decline); the more active September
contract fell 0.6%. Investors are pricing a potentially positive outcome from
possible U.S.-Iran talks in Doha even as the ceasefire remains fragile and
normal transit through the Strait of Hormuz has not resumed. Market participants
remain cautiously optimistic but are taking two‑sided positions until clearer
signs of de‑escalation appear, KCM Trade chief market analyst Tim Waterer said.
