In addition to Asian countries, France and Italy are directly negotiating with Iran to allow their ships to pass through the Strait of Hormuz from Iran, CNN reports

This development indicates a potential easing of tensions in the Strait of Hormuz, which is crucial for global oil supply. If France and Italy's negotiations lead to increased security and passage rights, it could stabilize oil prices and impact sentiment around energy commodities like WTI. Traders should monitor related assets for signs of market reaction based on how this progresses.