<div id="readability-page-1"><div> (RTTNews) - Following three consecutive sessions of gains, crude oil prices have edged lower on Tuesday following news of the U.S. halting its planned attacks on Iran. Even as Iran awaits the U.S. response to a peace plan it sent days before through Pakistan, the Strait of Hormuz continues to remain shut, tightening global oil supplies. WTI Crude Oil for June month delivery was last seen trading down by $0.07 or 0.1 percent at $108.59 per barrel. The Strait of Hormuz, which was shut soon after the U.S.-Israel versus Iran war started on February 28, continues to remain blocked. On Monday, through the social media platform Truth Social, U.S. President Donald Trump stated that at the request of the leaders of Qatar, Saudi Arabia, and the U.A.E., he had ordered the U.S. Secretary of War Pete Hegseth, Chairman of the Joint Chiefs of Staff General Daniel Caine, and the U.S. Military to halt all planned attacks on Iran scheduled for Tuesday. Stating that the leaders are optimistic about the ongoing negotiations, Trump underscored that Iran cannot have nuclear weapons even if a deal comes through. Trump cautioned Iran that if it fails to reach an agreement with the U.S., the military will recommence a large-scale assault on Iran at a moment's notice. Today, Bloomberg quoted Trump reiterating that the U.S. has to give Iran a big hit, possibly by Friday, Saturday, or Sunday, or early next week if no deal is reached. Over the past few days, through a series of posts through Truth Social, Trump had been stepping up pressure on Iran. Yesterday, Iran's semi-official news agency Tasnim reported that Iran has submitted a 14-point proposal to the U.S. through Pakistan focusing on negotiations aimed at ending the war and improve confidence-building measures. Spokesperson for Iran's Foreign Ministry Esmaeil Baghaei confirmed that &#34;negotiations are going on&#34; with the U.S., mediated by Pakistan. Tasnim also reported that the U.S. accepted lifting off Iran's oil sanctions during the negotiation period. However, hours later, citing a U.S. official, CNBC denied those reports. According to a Wall Street Journal report, in the U.S., Americans have cumulatively spent nearly $45 billion more on gasoline and diesel during the war with Iran than they did during the same period a year ago. Though the war threat has abated temporarily after Trump's announcement, uncertainty surrounding the reopening of the Strait of Hormuz continues to concern traders. According to data from the U.S.-based non-profit United Against Nuclear Iran, nearly 49 tankers loaded with Iranian crude and petrochemicals are floating in the Persian Gulf near the Strait of Hormuz, up from 29 before the U.S. naval blockade on Iranian ports commenced on April 13. In a significant development, Bloomberg reported that the North Atlantic Treaty Organization is discussing the possibility of aiding ships pass through the blocked Strait of Hormuz if the waterway is not reopened by early July. The alliance is waiting to reach a unanimous consensus. NATO allies had detached from the U.S.-Iran war despite Trump criticizing them for not supporting the U.S. Of late, growing economic pressure is forcing the U.S. allies to reconsider their previous stance. Last week, in two separate reports, the International Energy Agency as well as the Organization of Petroleum Exporting Countries stated that crude oil stockpiles were depleting fast at a record rate and downwardly revised their demand growth for 2026. The U.S. dollar index was last seen trading at 99.25, up by 0.26 points (or 0.26%) today. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. </div></div>

Crude oil prices have dipped following the U.S. decision to pause planned attacks on Iran, with WTI Crude trading at $108.59 per barrel. The Strait of Hormuz remains blocked, impacting global oil supplies. President Trump indicated optimism in negotiations with Iran but warned of military action if no agreement is reached. Meanwhile, NATO is considering assistance for ships in the blocked strait, and reports indicate a significant increase in U.S. spending on fuel during the conflict.

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Crude Oil Slides As U.S. Pauses Its Planned Attacks On Iran