Iran Deal Hopes Ease Oil Slightly, but USVI Remains Exposed to High Fuel and Freight Costs

Oil prices eased modestly Wednesday as signs of progress in talks between the United States and Iran raised hopes for a possible diplomatic opening in the U.S.-Israel war against Iran. However, the movement in Brent crude was limited, shipping through the Strait of Hormuz remains far below normal, and Iran’s central demands appear largely unchanged, leaving global energy markets — and import-dependent territories such as the U.S. Virgin Islands — still exposed to high fuel and freight costs. The latest shift came after two Chinese tankers carrying about 4 million barrels of crude exited the Strait of Hormuz, according to shipping data cited by Reuters. President Donald Trump also said the war could end “very quickly,” while Vice President JD Vance told reporters that progress had been made in discussions with Tehran and that the United States was “in a pretty good spot here.” Still, the market reaction was restrained. Reuters reported that Brent crude fell about 1 percent to $110.17...