Oil prices slide as Trump signals possible Iran deal

Brent Crude Oil fell 6.1% to $103.17 a barrel on Wednesday morning. The United States and Iran are moving toward a potential peace deal. U.S. President Donald Trump signalled a possible pause in naval escorts through the Strait of Hormuz, raising expectations of restored Middle East supply after a month-long maritime blockade that has elevated prices to their highest since March 2022.

Both Brent Crude Oil and West Texas Intermediate Crude Oil had shed about 4% in the previous session. West Texas Intermediate Crude Oil dropped 6.6% to $95.50 on Wednesday morning.