Oil Falls on Iran Deal Optimism

WTI crude futures slipped toward $92 per barrel on Friday, retreating after a 3.7% gain in the prior session as President Donald Trump struck an optimistic tone about the chances of a lasting US-Iran ceasefire. He said Tehran had agreed to key terms, including reopening the Strait of Hormuz, though Iran has not confirmed this. Officials suggest a full deal could take up to six months, with calls to extend the current truce. The conflict, nearing 50 days, has triggered a major supply shock, with Iranian restrictions and a US naval blockade keeping flows through Hormuz near a standstill. Trump said a deal could come soon, but left room to extend talks if needed. Meanwhile, a 10-day ceasefire between Israel and Lebanon may help ease regional tensions. Disruptions have reshaped trade flows, with US crude exports surging to near-record levels as Europe and Asia seek alternatives, pushing the US close to net-exporter status for the first time since World War Two.