Crude oil prices slide after Iranian and US negotiators discuss opening Strait of Hormuz

The Wall Street Journal reported Friday, citing U.S. Officials, that Trump told aides he expects American bombing of Iran to resume after the November midterm elections. Iran's proposal asked the U.S. To lift its naval blockade, unfreeze some Iranian assets and ease sanctions on Iranian oil exports. In exchange, Tehran offered to reopen the Strait of Hormuz and resume nuclear negotiations.

Trump is reportedly skeptical Iran will follow through on U.S. Demands, even with regional mediators still working the talks.

The stakes run through anyone who buys gasoline or watches an energy bill. The Strait of Hormuz carries a massive share of the world's seaborne oil, so any hint of it reopening eases pressure on crude prices, and any hint of new U.S. Strikes could send them right back up. Traders reacted to the talk of a deal, not a signed one, which means prices could just as easily reverse if Washington and Tehran can't close the distance between a ceasefire offer and a president who says he expects to keep bombing after the midterms.