Oil prices declined on renewed optimism that US–Iran peace talks could materialize, potentially restoring energy flows through the critical Strait of Hormuz. Traders remain focused on signals of negotiations as the strait, which links the Persian Gulf to global markets, remains largely constrained.

Previously, oil prices recorded their strongest ever monthly surge in March following an unprecedented supply shock, with spot crude benchmarks and differentials sharply outperforming futures as refiners rushed to replace disrupted Middle Eastern supplies.