Crude oil prices plunged on Monday amid conflicting reports over the status of the Strait of Hormuz. WTI Crude Oil for July delivery was last seen trading down $1.63, or 2.13 percent, at $74.97 per barrel. The decline extends losses from Thursday as easing supply concerns weighed on the market, despite Iran's Islamic Revolutionary Guards Corps announcing the closure of the strait again. The U.S. military denied Iran's contention and reaffirmed that commercial vessels are operating freely, while high-level negotiations between the U.S. and Iran continued in Switzerland over the weekend. The talks were briefly disrupted when Iranian representatives walked out in protest against remarks by President Trump, who had threatened that if the strait is closed there would be no Iran and warned that the U.S. could take control of the strait and collect tolls. Vice President JD Vance claimed great progress has been made toward a final deal, and Iran's Foreign Minister Abbas Araghchi announced that Iran has secured waivers for oil and petrochemical exports, with the U.S. Treasury Department authorizing the production, delivery, and sale of Iran's crude oil through August 21.