Brent July futures fell 0.6% to $104.40 per barrel, while WTI July slipped 0.1% to $98.17 per barrel.
A final draft US‑Iran peace deal, mediated by Pakistan, promises ceasefire and guaranteed navigation in the Strait of Hormuz.
Iran expanded Strait control, forming the Persian Gulf Strait Authority and mandating transit permits, while negotiating a toll system with Oman.