Iran gave the US a new proposal through Pakistani mediators for reaching a deal on reopening the Strait of Hormuz and ending the war however postponing nuclear talks, Axios reports citing sources

This development suggests a potential easing of tensions in the Strait of Hormuz, a crucial chokepoint for global oil supply. However, the postponement of nuclear talks indicates ongoing complexities in US-Iran relations, which may create volatility in energy markets, particularly for WTI crude. Traders should watch for market reactions to any outcomes from the upcoming situation room meeting on Monday, as sentiments around geopolitical risks can heavily influence commodity prices.