Oil prices dropped while US equity futures rose and the dollar slipped following President Donald Trump's announcement. He indicated that fresh US-Iran talks would begin Monday, sparking market optimism.

Investors are hopeful that these negotiations could lead to a deal to reopen the Strait of Hormuz. This potential breakthrough is driving shifts in global energy and currency markets.

As markets react to the diplomatic developments, the prospect of increased oil supply remains a central focus for traders monitoring the US-Iran relationship.