Iranian and Saudi Foreign Ministers held a phone call on the latest developments related to the current diplomatic processes between Iran and the US with the mediation of Pakistan, IRIB reports

The recent phone call between Iranian and Saudi Foreign Ministers signals ongoing diplomatic engagement concerning Iran's relations with the US, mediated by Pakistan. This could indicate a potential easing of tensions in the region, which historically impacts oil markets; a de-escalation might support WTI prices, while escalating tensions could drive them higher. Traders should watch for any actionable developments that could shift market sentiment or supply outlooks.