Oil moves lower after Trump's comment on Hormuz

31/03/2026 04:54 AST

Oil prices turned lower in Asian trading on Tuesday as markets reacted to reports that Donald Trump had indicated to aides he was prepared to bring the conflict with Iran to an end without insisting on the immediate reopening of the Strait of Hormuz.

Brent Crude futures for May fell $1.22, or 1.08 per cent, to $111.56 a barrel by 0210 GMT after climbing as much as 2 per cent earlier in the session. The May contract expires on Tuesday, while the more actively traded June contract stood at $105.76 a barrel.

Meanwhile, West Texas Intermediate for May dropped 98 cents, or 0.95 per cent, to $101.90 a barrel, after touching its highest level since March 9 in early trading.

The market reversal followed a report by The Wall Street Journal that Trump had told advisers he would consider ending the military campaign even if the Strait of Hormuz remained largely closed, leaving the issue of restoring full shipping access for later.

Analysts said the decline in prices reflects short-term optimism that the conflict may de-escalate, but cautioned that a sustained correction is unlikely until crude flows through the strategic waterway are fully restored. Even with signs of possible diplomatic flexibility, concerns remain over supply disruption through one of the world's most critical energy corridors.


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