At CERAWeek in Houston, Mike Wirth stated that physical oil supply is tighter than futures curves indicate following the Strait of Hormuz closure. He noted that roughly 20% of world oil flows have stopped due to tanker halts and Gulf producers cutting output, while August futures trading near $80 per barrel suggest the market expects a swift resolution that may not materialize.

Parliament speaker Mohammad Bagher Ghalibaf publicly rejected claims of US negotiations, labelling them fake news designed to sway financial and oil markets. His denial follows reports of envoys meeting senior Iranian officials and could prolong uncertainty over supply disruptions and geopolitical risk premiums in crude pricing.