Oil prices fell on Friday after President Donald Trump said Iran had allowed 10 oil tankers to pass through the Strait of Hormuz this week as a “present” to the United States, signaling a tentative easing of tensions in the critical shipping chokepoint.
International benchmark Brent crude futures declined 1.92% to $105.94 per barrel, while U.S. West Texas Intermediate futures slipped 1.76% to $92.82 per barrel.
Speaking during a Cabinet meeting on Thursday, Trump described the development as a goodwill gesture from Tehran amid what he characterized as ongoing diplomatic engagement.
“They said, ‘To show you the fact that we’re real and solid and we’re there, we’re going to let you have eight boats of oil ... and they’ll sail up tomorrow,’” Trump said, referring to Iran.
He added that the shipment ultimately grew larger. “They then apologized for something they said, and they said, ‘We’re going to send two more boats.’ And [it] ended up being 10 boats,” he said.
