Disagreements between the United States and Iran continue to pressure US oil prices slightly higher at the opening

On May 28, WTI crude oil opened slightly higher as the United States and Iran remained divided on how to reopen the Strait of Hormuz. Trump said he was "not satisfied" with the negotiations. The White House denied Iranian reports of a draft agreement that said Iran and Oman would supervise shipping in the Strait. Despite the challenges, crude oil prices are expected to fall for a second consecutive week on optimism that the warring sides will be able to reach at least an interim agreement. The sticking points in the protracted negotiations include Iran's desire to retain control of the Strait of Hormuz and the fate of the country's nuclear program. Joe DeLaura, global energy strategist at Rabobank, said: "The oil market is too comfortable right now. The release of strategic oil reserves is helping cushion some of the supply losses caused by the war."