US crude tumbled almost 3 per cent at the open to US$85.13 a barrel, the lowest level since April 17, before paring some losses. Read more at straitstimes.com. Read more at straitstimes.com.

President Donald Trump has repeatedly said a deal with Tehran to reopen Hormuz is close, but such an agreement still has not materialized.

West Texas Intermediate crude surged as much as 3.3 per cent to US$92.99 a barrel. Read more at straitstimes.com. Read more at straitstimes.com.

Crude oil futures fall as Trump hints at a potential peace deal with Iran, affecting market dynamics significantly.