Oil prices declined amid mixed geopolitical signals, including US State Secretary Rubio's report that strikes on Iran were deferred and discussions with Oman regarding a temporary shipping corridor in the Strait of Hormuz, though Iranian authorities maintained the strait remained closed and alleged to have attacked a vessel.

Markets responded to lower oil prices with falling US Treasury yields, while analysts noted that Iran faces economic pressure from regional actors, a development that may be complicated by Chinese diplomatic support for Tehran.