Updated

U.S. crude oil fell nearly 8% for the week after Iranian and American officials held talks at the United Nations, with Iran asking Washington to honor conditions from a June 17 memorandum of understanding. In a related development, Iran offered to reopen the Strait of Hormuz within seven days and restart nuclear negotiations, even as Houthi forces launched fresh missile and drone attacks on Saudi targets. Meanwhile, Saudi Arabia's crude exports hit their highest level since the Iran war began, despite a pipeline outage and continued attacks on its infrastructure from Iran-backed militants. The mixed signals—de-escalatory diplomatic gestures alongside continued regional attacks—have kept oil markets volatile, with traders weighing the prospects of restored Gulf shipping stability against the risk of renewed conflict.