Oil prices slipped on Monday after US President Donald Trump announced efforts to free stranded ships in the Strait of Hormuz. Crude remains above $100 a barrel as negotiations between Iran and US continued to remain stagnant.
Brent crude futures fell 64 cents, or 0.59%, to $107.53 a barrel by 2308 GMT after settling down $2.23 on Friday. US West Texas Intermediate crude also weakened, falling 84 cents, or 0.82 per cent, to $101.10 a barrel after dropping $3.13 on Friday.
“For the good of Iran, the Middle East, and the United States, we have told these Countries that we will guide their Ships safely out of these restricted Waterways, so that they can freely and ably get on with their business,” Trump wrote in a post on his Truth Social site on Sunday.
This statement comes as both the sides continue talks on negotiations.
Earlier on Sunday, OPEC announced that 7 member nations would increase their production targets collectively by 188,000 barrels per day in June. This marks the third straight monthly increase in output quotas. The stated rise matches the increase announced for May following the exit of UAE from OPEC on May 1.
Oil supply however remains skeptical following the strenuous conditions at the Hormuz. Crude has roared higher this year- hitting the highest since 2022 last week.
The war, which erupted in late February after the US and Israel attacked Iran, was cast by Washington as an effort to prevent Tehran from posing a threat because of its nuclear program.
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