This is reported by Reuters.
Brent crude futures fell $1.69, or 1.5%, to $108.18 a barrel, after falling 4% in the previous session.
U.S. West Texas Intermediate (WTI) crude futures fell $1.67, or 1.6%, to $100.60, after falling 3.9% the previous day.
On May 5, Trump unexpectedly said he would briefly suspend the operation to escort ships through the Strait of Hormuz, citing progress toward a comprehensive agreement with Iran.
“This signals a potential de-escalation and raises hopes for the release of ships stranded in the Persian Gulf, which could gradually bring supplies back to the market,” said Anh Pham, senior oil research specialist at LSEG.
He added that oil prices are still elevated as the prospects for a peace agreement remain uncertain, while it will take time to fully restore trade flows even if an agreement is reached.
It is noted that U.S. crude oil inventories declined for the third week, as did gasoline and distillate stocks, according to the American Petroleum Institute.
According to the sources of the publication, crude oil stocks fell by 8.1 million barrels in the week ended May 1. Gasoline inventories fell by 6.1 million barrels and distillate inventories were down 4.6 million barrels from the previous week.
