Overview
- President Trump said he called off planned strikes and signaled a near‑term signing of a negotiated end to the fighting, a move that sent prices sharply lower.
- Pakistan’s Prime Minister Shehbaz Sharif said a final agreed text has been completed and Islamabad is coordinating next steps between Washington and Tehran.
- Iranian statements were mixed, with the foreign minister saying an MoU is close while other officials stressed no final decision has been made, creating ongoing uncertainty.
- Markets reacted fast, with Brent and WTI tumbling to multi‑week lows on Friday and intraday swings returning when fresh reports of U.S. strikes briefly surfaced.
- Physical fundamentals remain tight because inventories sit below seasonal averages and flows through the Strait of Hormuz are still disrupted, so analysts warn any breakdown in talks could trigger a rapid price spike.