Overview
- Oil prices slipped as traders bet talks this week could ease supply strains, with Brent near $94.53 and WTI around $88.07.
- Tehran has not confirmed attendance, saying it will not negotiate under threats from the United States.
- The current two-week ceasefire runs out this week, and President Trump says he will not extend it without a deal.
- Flows through the Strait of Hormuz remain limited after Iran renewed a closure and the United States seized an Iranian cargo ship.
- Kuwait declared force majeure on some shipments, and Citi warns a month of disruption could erase about 1.3 billion barrels and push prices toward $110 in the second quarter.