Oil prices fell on Wednesday after President Donald Trump said the U.S. would pause its naval escort effort in the Strait of Hormuz, raising hopes of a potential deal with Iran.
Futures for international benchmark Brent
crude for July delivery slid 1.21% to $108.54 per barrel Tuesday, while U.S. West Texas Intermediate
futures lost 1.76% to $100.5 per barrel.
Trump on Tuesday announced in a Truth Social post that the U.S. would temporarily halt “Project Freedom,” a military effort launched just a day earlier to escort commercial vessels through the Strait of Hormuz, citing progress in negotiations with Iran toward a final agreement.
