According to CoinMeta, the deadlock in the Strait of Hormuz has made the outlook for oil prices uncertain. Despite diminished market expectations for a quick reopening of the strait, oil prices remain below recent highs. Brent crude futures fell more than 7% last week due to signals of an agreement reached with Tehran from Washington, but the agreement has not yet been implemented, and the situation seems to have worsened over the weekend. Tehran insists that Washington must meet multiple conditions before the strait can be reopened. U.S. President Donald Trump hinted at a strategic shift, stating that he will rely on economic pressure against Tehran rather than immediate military strikes. On Tuesday morning, international benchmark Brent crude was near $88 per barrel, up from around $83 at the weekend, but still below the high of over $100 reached last month. The market holds short-term optimism regarding negotiations between Iran and Oman regarding temporary shipping routes, expecting that any military escalation between the U.S. and Iran may be contained. Analyst Modupe Adegbembo stated that although the agreement may not be ideal, it could potentially allow more oil to flow through the Strait of Hormuz.