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3. Crude Falls for Second Day as Trump Signals Possible Iran Deal

Oil prices fell for a second straight session on Wednesday as easing geopolitical tensions and renewed hopes for a U.S.-Iran agreement raised expectations that constrained Middle East supply could soon return to global markets. 

Brent crude futures dropped $1.69, or 1.5%, to $108.18 a barrel as of 06:40 GMT, after falling 4% in the previous session. U.S. West Texas Intermediate (WTI) crude slipped $1.67, or 1.6%, to $100.60, following a 3.9% decline a day earlier.

On Tuesday, Trump said he would temporarily pause a U.S. operation aimed at escorting vessels through the Strait of Hormuz, pointing to progress toward a broader agreement with Iran, though he provided no further details. There was no immediate response from Tehran.

He added that the U.S. Navy would maintain its blockade of Iranian ports. Supply disruptions have recently driven prices higher, with Brent reaching its highest level since March 2022 last week.

The partial disruption of flows through the Strait of Hormuz has also tightened global inventories, as refineries attempt to offset reduced supply.