According to CoinMeta, international oil prices have given back some of their earlier gains, and traders are assessing news regarding the United States' involvement in facilitating progress in Middle East negotiations. Since Monday, oil prices have been experiencing significant fluctuations, ranging within a band of $19. The Office of the Emir of Qatar stated that during a telephone conversation with Trump, they discussed measures to ease regional tensions through diplomatic efforts. Market hopes for a faster resolution to the conflict are growing, but there are still significant differences between the parties. Iran is demanding that the United States lift the maritime blockade, relax sanctions, and unfreeze frozen assets before it will fully reopen the Strait of Hormuz. The New York Times reported that Tehran is considering mediation proposals regarding its nuclear program, which indicates that Qatar's diplomatic efforts to avoid another full escalation of the conflict may be making progress.