US oil prices fall over 2 dollars as Trump pauses operation
West Texas Intermediate futures dropped to 100.04 dollars per barrel after President Trump announced a temporary pause in reopening the Strait of Hormuz to finalize a potential agreement. The price decline comes despite API data showing a significant 8.1 million barrel draw in US crude inventories.
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West Texas Oil fell $2.23 to $100.04 per barrel after the United States paused plans to reopen the Strait of Hormuz. The 2.18% drop follows a 3.9% decline on May 5 as a regional ceasefire held despite reported exchanges of fire. Investors are weighing the impact of a continued blockade against the potential for a finalized diplomatic agreement.
