Oil prices experienced a significant decline as the United States and Iran approached a potential agreement regarding the ongoing tensions in the region. Brent crude fell by as much as 5.2%, reaching $98.12 per barrel, while West Texas Intermediate hovered near $92. President Donald Trump emphasized that the blockade of the Strait of Hormuz would persist until a deal is finalized, despite the ongoing negotiations. Key issues remain unresolved, particularly concerning Iran's nuclear program and the unfreezing of its assets, as reported by Iran’s Tasnim news agency. The Strait of Hormuz is a vital waterway for global oil trade, typically accounting for approximately 20% of the world’s oil and liquefied natural gas supplies. The ongoing conflict, which escalated following U.S. and Israeli actions against Iran, has led to significant disruptions in oil production. Analysts suggest that the recent price drop reflects a reduction in market fears as negotiations continue. Trump's administration faces increasing pressure to resolve the conflict, especially with the upcoming midterm elections.