Oil prices dipped as hopes grew for a US-Iran truce, with both sides discussing a phased approach to ease tensions. The US rejected Iran’s seven-day plan to reopen the Strait of Hormuz, calling it unacceptable. Iranian officials warned against any use of the strategic waterway, framing it as a symbol of national dignity. Meanwhile, Iran claimed to have seized a US underwater drone in the area, accusing it of espionage. The dispute over Hormuz has raised concerns about global oil supply, with traders fearing disruptions. As talks continue in New York, the future of the Strait remains uncertain.