Trump hints Iran peace deal

Oil prices, including Brent Crude and West Texas Intermediate, experienced a second consecutive day of decline following an announcement by Donald Trump. He indicated progress towards a comprehensive peace deal with Iran, leading to a temporary pause in the operation to escort ships through the Strait of Hormuz. This development raised expectations that bottled-up oil supply from the Middle East could resume flowing, despite the United States continuing its blockade of Iranian ports. The Strait of Hormuz has been largely cut off since February 28, causing global inventories to draw down. The United States military had previously destroyed Iranian small boats, cruise missiles, and drones while guiding vessels through the strait. Market sources, citing American Petroleum Institute figures, also reported a third consecutive weekly fall in US crude oil, gasoline, and distillate inventories.