(May 4) : Oil dropped as President Donald Trump said the US would begin guiding neutral ships through the Strait of Hormuz and signaled progress on talks with Iran to end the war.

Brent declined 1.9% to US$106.16 a barrel, falling for a third day, while West Texas Intermediate was below US$100. The planned move, beginning Monday, was meant to free up people, companies, and countries that “have done absolutely nothing wrong,” Trump said in a social-media post.

The US leader also said that representatives were having “very positive discussions” with Tehran that could lead to something “very positive for all,” but didn’t offer additional details.

https://www.theedgesingapore.com/news/oil-gas/oil-falls-trump-says-us-start-guiding-ships-through-hormuz