Oil prices slipped as traders absorbed fresh chatter that Washington and Tehran may soon strike a deal to reopen the Strait of Hormuz. Brent crude for July delivery dipped below $92 a barrel, reflecting renewed hope that shipping lanes could return to normalcy for global energy markets today again traders.

Treasury Secretary Scott Bessent told reporters that a cease‑fire settlement was within reach, though President Trump has yet to approve any pact. Officials say the parties are closing in on a 60‑day framework that would unwind sanctions in the first month for oil traders and shipping companies across the region.

The market reaction shows how sensitive crude is to geopolitical shifts. A reopened Hormuz would lift a choke point that has historically cost U.S. firms and consumers more than $1 billion annually in shipping premiums and supply disruptions for energy investors and policy makers who monitor global supply chains daily and.

These developments underline that geopolitical risk remains a core driver of oil price volatility. Investors will watch U.S. approval closely, as any deal would tighten the supply curve and likely push prices back toward pre‑sanction levels for the global market in the next months as energy companies adjust their hedging.