Oil Extends Decline as Trump Says ‘Great Progress’ in Iran Talks
Marco Rubio, US secretary of state, during a news conference in the James S. Brady Press Briefing Room of the White House in Washington, DC, on May 5.
Photographer: Stefani Reynolds/BloombergOil fell a second day as US President Donald Trump said “Great Progress” has been made on a final agreement to end the war with Iran.
Prices fell Wednesday after Trump said in a Truth Social post the US would pause an effort to escort ships through the Strait of Hormuz to see if a deal can be reached with Iran. Benchmark Brent dropped toward $108 a barrel, after sliding 4% on Tuesday, while West Texas Intermediate traded near $100.