While traders digested the impact of returning Iranian supply, diplomatic developments emerged in the Persian Gulf. Iran and Oman announced a joint effort to draft an agreement governing navigation through the Strait of Hormuz, specifically addressing the management of passage and associated logistical costs. This move aims to provide a framework for maritime stability in a critical transit corridor.

In the legal sphere, Exxon Mobil secured a significant victory as the Supreme Court revived its decade-spanning claim against Cuban state-owned oil entities. The company is seeking $1 billion in damages related to refineries and service stations seized by the government following Fidel Castro’s rise to power in 1960. The court's decision clears the path for the suit to move forward, marking a new phase in the long-standing corporate dispute over assets nationalized during the Cuban Revolution.