Oil Prices Fall as Hopes Rise for US-Iran Diplomacy

Oil prices fell as traders bet on diplomatic progress in the war between the US and Iran. The conflict has disrupted shipping through the Strait of Hormuz, a key route for oil and gas. Pakistan secured a second Qatari LNG cargo through the strait after a deal with Iran. LNG buyers and sellers are seeking more diverse supplies amid the war. Iran continues to suffer under Trump's economic pressure but is surviving.