Oil prices continue to fall - Trump hints there could be a peace deal with Iran
Oil prices fell for a second day in a row on Wednesday, on expectations that dwindling supply from the main Middle East producing region could resume, after US President Donald Trump hinted that a peace deal could be reached to end the war with Iran.
Brent crude futures fell 1.5% to $108.18 a barrel, while West Texas Intermediate (WTI) crude fell 1.6% to $100.60.
On Tuesday, Trump said he would halt the operation to help escort ships through the Strait of Hormuz, citing progress toward a comprehensive deal with Iran, without providing details on the agreement. There was no immediate reaction from Tehran.
Analysts say the move signals a possible easing of tensions and raises hopes for the release of ships stranded in the Gulf, which could gradually bring supply back to the market. Prices remain high as prospects for a peace deal remain uncertain, and it will take time for trade flows to fully recover even if a deal is reached.
Trump said the US Navy would continue its blockade of Iranian ports. The loss of supply to the global market has pushed prices higher, with Brent crude trading last week at its highest level since March 2022.
Trump's announcement came just hours after U.S. Secretary of State Marco Rubio briefed reporters on the effort to escort the stranded tankers through the strait. On Monday, the U.S. military said it had destroyed several small Iranian boats, as well as a drone, while escorting two ships out of the Gulf through the strait.
The closure of the Strait of Hormuz has reduced global inventories, as refiners try to make up for the lack of production.
U.S. crude oil inventories fell for the third straight week, while gasoline and distillate stocks also fell, market sources said on Tuesday, citing figures from the American Petroleum Institute.
Crude oil inventories fell by 8.1 million barrels in the week ended May 1, the sources said. Gasoline inventories fell by 6.1 million barrels, while distillate inventories fell by 4.6 million barrels compared with a week earlier, the sources said.
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