Traders are waiting for a breakthrough in the negotiations between the United States and Iran, and oil prices have remained relatively unchanged.

With the market waiting for substantive progress in US-Iran negotiations, oil prices are unlikely to change much in the near future. Brent crude fell by 1.3% to $110.60 per barrel, while WTI crude futures fell by 0.8% to $103.60 per barrel. Forex.com analyst Fawad Razaqzada stated: "The magnitude of the recent pullback in oil prices is minimal, as the ongoing US-Iran standoff keeps traders cautious." "Unless we see a real breakthrough in the negotiations that allows for the reopening of the Strait of Hormuz, we are unlikely to see any significant reversal in the current trend."