Senior Iranian official says that Tehran is reviewing the US' response to its proposal to end hostilities, Reuters reports; During indirect talks with the US on Tuesday reopening Strait of Hormuz and lifting US blockade were dicussed

The transmission channel here is specific: the Strait of Hormuz carries a substantial share of seaborne crude, so any negotiation that pairs reopening of the strait with sanctions or blockade relief speaks directly to prompt supply, freight and insurance costs, and the front of the WTI and Brent curves rather than to outright flat price alone. The case distinction that matters is between talks that produce a de-escalation framework, which historically compresses the geopolitical premium embedded in nearby spreads, and talks that stall, which tend to restore it quickly. Official-sourced remarks to wire agencies are a familiar signalling device from the Iranian side and have often preceded both breakthroughs and breakdowns, so the attribution and wording carry less weight than any subsequent confirmation from the US side. The follow-ons are whether Washington acknowledges the proposal, any movement in tanker traffic or insurance rates through the strait, and scheduled rounds of further indirect contact.