Oil Prices Fall Below $100 After Trump Pauses Hormuz Escort Plan

Crude oil prices extended losses for a second day today, after President Trump said the United States would pause its plan to escort vessels out of the Strait of Hormuz just a couple of days after it was announced. The news prompted expectations that a peace deal may be in the making, pressuring Brent crude below $107 and West Texas Intermediate tumbling to under $100. At the time of writing, Brent crude was trading at 106.50 per barrel, and WTI was changing hands for $98.55 per barrel. “We have mutually agreed that, while the Blockade will…