According to CoinMeta, oil prices fell due to market hopes for a relaxation of tensions in the Middle East, with Brent crude oil prices dropping below $98 per barrel after a nearly 4% increase on the previous trading day. The price of the US benchmark crude oil is around $90. Due to the uncertainty of the conflict and its impact on global oil supply, oil prices remain highly volatile. After the Emir of Qatar discussed efforts to ease tensions with US President Donald Trump, market hopes for a diplomatic breakthrough increased. Iran is reportedly reviewing a nuclear plan proposal made by mediators, but significant differences still exist. Tehran demands that the US naval blockade be lifted, sanctions be eased, and frozen assets be released before the Strait of Hormuz is fully reopened, which is a key passage for global oil transportation.