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Oil, Gas Markets React to Shifting Iran Negotiations

Crude oil and European natural gas prices moved lower as diplomatic signals suggested the United States and Iran were narrowing differences on a deal to reopen the Strait of Hormuz. President Donald Trump said the U.S. naval blockade of Iranian ports would remain in place until an agreement is finalized, certified and signed. The president expressed frustration with Tehran's negotiating stance during talks that included outreach from Chinese leadership. While markets responded optimistically to prospects of resolving the standoff, officials noted the two sides remain apart on key issues. Energy traders are closely monitoring developments, as any agreement reopening the strategic waterway could substantially affect global crude supplies and natural gas availability.