Oil prices trim gains after Trump withdraws from Hormuz transit fee proposal
Oil prices declined after U.S. President Donald Trump announced a change in his policies regarding the Strait of Hormuz. He decided to replace the previously proposed 20% protection fee on ships passing through the strait with trade and investment agreements with Gulf countries, rather than imposing the earlier suggested tariffs. This announcement led to a rise in crude futures, with West Texas Intermediate reaching $79.56 per barrel and Brent crude reaching $84.95, with oil levels slightly retreating after surpassing $80 per barrel during the session. This comes amid escalating tensions between the United States and Iran over the Strait of Hormuz, as Washington carried out strikes on Iranian targets and oil tankers were attacked, amid fears of a military escalation that could impact global oil supplies.
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