Oil slips as Iran talks loom and Middle East truce extended

Oil prices fell after reports that Iranian Foreign Minister Araghchi will travel to Pakistan for peace talks, with Brent down to about $104.63 and WTI near $94.75 as Israel and Lebanon extended their truce by three weeks. The ongoing closure of the Hormuz Strait keeps energy-security concerns front and center, with analysts warning the disruption could raise costs and pressure political concessions, while the IEA warns of a looming energy-security crisis amid these tensions.