The US and Iran moved closer to an interim peace agreement meant to reopen the Strait of Hormuz and help end a war that has damaged the global economy and caused chaos in the Middle East

Companies that borrowed oil from the reserve in recent months will return the crude with premiums after the conflict concludes, Energy Secretary Chris Wright said

The world may need to reduce oil and gas consumption if the Strait of Hormuz remains closed much longer due to the U.S.-Israeli war on Iran, Dallas Federal Reserve President Lorie Logan said

Other key points reported by Iran’s IRIB News included the US lifting its naval blockade on Iranian ports and the American navy leaving the waters surrounding Iran

Brent crude rose 2.5% and appeared to stabilize around $100 per barrel, amid stalled negotiations between the United States and Iran

Seven leading OPEC+ oil-producing countries ‌will likely agree to a modest hike to July output when they meet on June 7, four sources said, though delivery for several remains disrupted by the Iran war

The United States reached record oil export levels, surpassing an average of 5 million barrels per day, following the blockade of the Strait of Hormuz, a route previously critical for 20% of global crude flows before traffic was halted by the Iran war

U.S. President Donald Trump said there is a possibility of resuming negotiations with Iran in Pakistan on Friday, after the ceasefire was extended indefinitely

International Energy Agency (IEA) Executive Director Fatih Birol warned that even if the Strait of Hormuz were to reopen immediately, it would take “a long time” to return to normal, with risks of rising inflation and slower economic activity

Iran will never hand over control of the Strait of Hormuz because it is an “inalienable right” of Tehran, said Ebrahim Azizi, a former commander of the Islamic Revolutionary Guard Corps (IRGC) and head of parliament’s National Security and Foreign Policy Committee