Global oil prices declined for a second consecutive day after U.S. President Donald Trump hinted at a possible peace agreement with Iran. According to a Reuters report, Brent crude dropped by $1.69, or 1.5 percent, to $108.18 per barrel, while West Texas Intermediate (WTI) crude fell by $1.67, or 1.6 percent, to $100.60. The previous day, Brent had already fallen by nearly 4 percent.

Analysts said Trump’s announcement suggested a potential easing of tensions in the Middle East. He stated that U.S. operations in the Strait of Hormuz would be temporarily suspended to ensure safe navigation and that there was a chance for an understanding with Iran, though he provided no details. Iran has not yet issued any response. Experts believe that if shipping in the Gulf normalizes, global oil supply could increase, putting downward pressure on prices, though full stability may take time.

Despite the peace signals, Trump confirmed that the U.S. naval blockade on Iranian ports would continue. Analysts noted that while short-term relief has returned to the market, geopolitical uncertainty remains.