Overview
- A tentative U.S.–Iran memorandum signed this week set a 60‑day framework to halt hostilities and allow tankers to begin limited transits through the Strait of Hormuz.
- Markets reacted to renewed shipments by pushing Brent into the low‑$80s per barrel and WTI into the mid‑to‑high $70s, and the U.S. national average for gasoline fell below $4.
- Planned follow‑up negotiations in Switzerland were postponed and regional fighting has resumed, prompting a short‑term rebound in crude and raising doubts about whether the truce will hold.
- Analysts warn the supply improvement is fragile because mines, damaged refineries, stranded vessels and crew logistics mean full reopening and steady flows could take weeks to months.
- Relief at the pump is uneven: state taxes, local fees and local supply chains keep places such as California far above the national average even as many U.S. drivers see lower prices.