On May 28, WTI crude oil opened slightly higher due to ongoing disagreements between the United States and Iran regarding the reopening of the Strait of Hormuz. Trump expressed his dissatisfaction with the negotiations. The White House denied reports from Iran about a draft agreement, which stated that Iran and Oman would oversee shipping in the strait. Despite facing challenges, there remains optimism that the warring parties could at least reach a temporary agreement, leading to expectations of a second consecutive week of decline in oil prices. The crux of these protracted negotiations includes Iran's desire to retain control over the Strait of Hormuz and the fate of the country's nuclear program. Joe DeLaura, a global energy strategist at Rabobank, stated, 'The oil market is currently too complacent. The release of strategic oil reserves is helping to buffer some of the supply losses caused by the war.'