Oil prices declined, as both the United States and Iran indicated discussions were underway regarding the restoration of shipping through the Strait of Hormuz, boosting market expectations for increased Middle Eastern crude supply. WTI dropped approximately 5%, closing near $80 per barrel.

Details of the negotiations remain unclear, with Iran hinting at progress in talks with Oman to establish a "temporary" shipping route through the Strait of Hormuz, but not directly engaging with the U.S. Meanwhile, U.S. President Donald Trump stated on Monday that the two sides are negotiating over reopening the Strait of Hormuz. Trump also claimed that after he called off a planned major military strike, the current talks represent Iran's "last chance."

There is currently no evidence that Iran is willing to permit free passage for vessels through the Strait of Hormuz, but the signals from both sides have alleviated market concerns over a widespread attack on Middle Eastern energy infrastructure. Although some ships continue to transit the Strait of Hormuz, shipping risks in the waterway remain elevated.

European natural gas prices also narrowed their losses, having fallen by as much as 6.3% during the session. WTI for September delivery fell 5.1%, settling at $80.34 per barrel. Brent for October delivery dropped 4.7%, settling at $83.77 per barrel.

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