Oil Pulls Back as IEA Cuts Demand Outlook

Oil prices have dipped below $100 as weaker demand outlooks and a pause in U.S.–Iran tensions shift market focus to upcoming diplomatic talks and potential escalation risks. Calm Seas, High Stakes: Hormuz Traffic Crawls as Gulf Freight Costs Surge - The first days of the US blockade on vessels calling at Iranian ports have so far been largely uneventful as several Iran-linked tankers managed to sail through the Strait of Hormuz without any interference. - At the same time, most of tankers were moving into the Persian Gulf and so far only…