Iran War Day 248: Oil Prices Fall on Diplomatic Hopes

The Iran War State of the Union: Iran struck two more tankers in the Strait of Hormuz Sunday, according to UKMTO. Photo by Fatemeh Bahrami/Anadolu via Getty Images Markets expressed optimism Monday about reported U.S.–Iran negotiations to end the war. Qatari-mediated negotiations continued through the weekend in Doha about a two-day plan for reopening the Hormuz, and Iranian officials made positive comments about diplomatic progress. Brent crude opened the week at about $111.69, down from Friday’s close of $113.40, and has continued falling. AAA reported slight easing in consumer fuel prices, with national averages per gallon of $4.17 for regular gas and $6.29 for diesel. Stocks rose and bond yields fell. Nevertheless, Iranian strikes against shipping around the Strait of Hormuz continued, with the UK Maritime Trade Operations Center reporting two tankers hit Sunday. The Islamic Republic also reiterated that its conditions for reopening the waterway have not changed.