$BTC Monday's situation was in line with expectations. After the IEA announced it would release strategic petroleum reserves, oil prices started to decline. Moreover, on Monday evening, the U.S. also announced that it would allow Iranian oil tankers to pass through the Strait of Hormuz, which helped to ease oil prices. Currently, U.S. crude oil prices have fallen below $95 per barrel, but whether they can continue to decline depends on the ongoing tug-of-war between the U.S. and Iran. In the latest statements from Iran and the U.S., Iran seems to be indicating that it will target U.S. industrial facilities in the Middle East. If this actually happens, the U.S. is likely to retaliate by targeting Iran's Kharg Island oil facilities. Unless the conflict ends quickly, this escalation could cause oil prices to fluctuate again.