Trump said that negotiations with Iran have made "significant progress", and international oil prices have fallen for the second consecutive time but are still holding above the hundred dollar mark.

U.S. President Donald Trump said that "significant progress" has been made in reaching a final agreement to end the war with Iran. As a result of this news, international oil prices have fallen for the second consecutive day. After Brent crude fell by 4% on Tuesday to around $108 per barrel, WTI crude prices approached $100 per barrel. Trump posted on the Truth Social platform that the U.S. will suspend operations to assist ships crossing the Strait of Hormuz, but the naval blockade will continue. Since the conflict erupted at the end of February, global benchmark oil prices have risen by about 50%, with hundreds of millions of barrels of Persian Gulf oil unable to enter the global market. Currently, Iran and the U.S. both block the Strait of Hormuz, obstructing the transport of oil through this vital waterway. Earlier, U.S. Secretary of State Marco Rubio told reporters at the White House that the "epic wrath" military operation had ended, with 66 days having passed since the U.S. and Israel began bombing Iran. He stated, "We have achieved the objectives of that operation." On Tuesday, Washington played down the possibility of reigniting conflict. U.S. Defense Secretary Pete Hegseth confirmed that the ceasefire agreement from about a month ago remains in effect. Meanwhile, Chairman of the Joint Chiefs of Staff Gen. Dan Caine stated that Iran's attacks on ships in the Persian Gulf and UAE did not violate the ceasefire agreement. Caine stated that the blockade of the Strait of Hormuz has stranded over 1,550 merchant ships and approximately 22,000 crew members in the Persian Gulf. Dilin Wu, a strategist responsible for cross-asset market research at the Pepperstone Group, said, "Even as we see some news of easing tensions, the restoration of supply itself has a lag. This is not an overnight process: oil transport through the strait remains limited, stranded tankers need time to reroute, insurance markets need time to reassess risks, and production needs time to gradually recover. Traders are withdrawing funds from the oil futures market. According to U.S. industry data, crude oil inventories fell by 8.1 million barrels last week, marking the largest decrease since mid-February if confirmed officially later on Wednesday. Carl Larry, an oil and natural gas analyst at Enverus, stated, "We see this pattern every day from rebound to profit-taking. The market may be able to withstand it, but irrational emotions often dominate the market. Selling will force all bulls to retreat." Since the outbreak of the war, oil prices have fluctuated wildly, prompting traders to withdraw and watch to avoid extreme volatility. The total outstanding contracts for Brent crude have fallen to their lowest level since August last year. Meanwhile, Saudi Arabia is expected to lower its main crude oil prices for deliveries to Asia next month after reaching historic highs in May. However, due to the ongoing conflict in the Middle East severely disrupting oil supplies, the price remains high. As of the time of writing, WTI crude oil futures for delivery in June fell by 1.28%, to $100.96 per barrel; Brent crude oil futures for delivery in July fell by 1.59%, to $108.67 per barrel.