Oil Prices Decline Despite Positive News; Strait of Hormuz Traffic Holds Key

Oil prices have not significantly increased despite positive developments, as the market remains focused on the traffic data through the Strait of Hormuz. According to Jin10, while the U.S. and Iran have not signed a final peace agreement, the market is currently optimistic about the potential for positive outcomes. However, the true determinant of oil prices and inflation outlook continues to be the volume of traffic through the Strait of Hormuz.