Crude oil futures edged slightly lower, influenced by potential ceasefire efforts.

Crude oil futures fell in cautious trading as there are reports that the government of US President Trump is pushing for a possible 45-day ceasefire agreement with Iran. At the same time, Trump threatened that if an agreement to reopen the Strait of Hormuz is not reached by Tuesday, he will launch a large-scale attack on Iran's infrastructure. The eight OPEC+ countries implementing voluntary production cuts agreed on Sunday to increase their daily production by 206,000 barrels in May. They expressed concerns about the continued closure of the Strait of Hormuz and attacks on energy infrastructure, stating that "restoring damaged energy assets to full capacity is costly and time-consuming." The price of West Texas Intermediate crude oil fell by 1% to $110.48 per barrel.