Oil Falls as Trump Says US to Start Guiding Ships Through Hormuz

Bloomberg.com · last updated May 3, 2026 – 3:28 PM

Oil dropped as President Donald Trump said the US would begin guiding neutral ships through the Strait of Hormuz and signaled progress on talks with Iran to end the war.

Brent declined 1.9% to $106.16 a barrel, falling for a third day, while West Texas Intermediate was below $100. The planned move, beginning Monday, was meant to free up people, companies, and countries that “have done absolutely nothing wrong,” Trump said in a social-media post.

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