Brent closed Thursday at $100.06, down about 1% on the day, with WTI around $96 as both sides keep shooting messages back and forth without much actual progress. Iran's foreign ministry spokesperson said this weekend that Tehran is still reviewing Washington's proposal and isn't paying attention to deadlines. Trump temporarily halted Project Freedom mid-week citing progress, then US warships exchanged fire with the IRGC days later. UAE took a missile in the meantime.
Markets seem to be pricing the slow-burn scenario where neither escalation nor breakthrough actually shows up. That's been the trade for two weeks now.