According to CoinMeta, there are now signs of easing in the Strait of Hormuz, with international benchmark Brent crude oil prices falling by more than 3% to around $95 per barrel, continuing the largest weekly decline since April 2020. Reports suggest that Iran has seemingly given up its demand to control the Strait of Hormuz and to charge a toll from passing vessels, which led to oil prices dropping to a new intraday low. U.S. President Donald Trump stated that it is "highly unlikely" he would order a large-scale strike against Iran, but this depends on whether Iran signs a "very strong agreement." The comprehensive victory of the U.S. Democratic Party in the midterms has alleviated market concerns about a severe escalation of conflict, and crude oil prices have significantly dropped from their six-month high reached at the end of October.