Oil prices slipped in early Asian trading as developments in the Middle East kept markets on edge. According to Japan's Kyodo News Agency, Iran reportedly proposed reopening the Strait of Hormuz if the United States eases its blockade. However, Iran's Fars News Agency later cited sources denying the initial report, adding uncertainty to the situation.

The Strait of Hormuz, a critical chokepoint for global oil shipments, has been a focal point of geopolitical tension, influencing energy markets worldwide. Traders are closely monitoring diplomatic efforts and any shifts in U.S. and Iranian policies. The conflicting reports highlight the volatility inherent in oil markets during periods of regional instability.