"There's tremendous optimism bias in the market," Helima Croft, global head of commodity strategy at RBC Capital Markets, told CNBC. Markets continue to assume incentives for both the U.S. and Iran favor a diplomatic end to the war. Bessent, Trump teased imminent dealThe oil market is eager for any hint of progress toward reopening the strait. The market "remains trapped in a spiky muddle-through dynamic," Bob McNally, president of Rapidan Energy Group, told CNBC in an email. "Any temporary routes will be without any impediments — meaning no approvals or permissions and no tolls or charges," a U.S. official told CNBC when asked about the report.