Oil falls following Trump's statement

Oil prices fell after U.S. President Donald Trump announced the start of new negotiations with Iran to end the war in the Middle East and reopen the Strait of Hormuz. The price of Brent crude decreased by 4.69% to $83.81, and West Texas Intermediate crude by 4.67% to $80.72, due to hopes of reaching a quick agreement regarding the strait, through which about 20% of the world's oil production passes. Iran believes it is close to reaching an agreement with Oman on the strategic passage, amid expectations of easing tensions in the region.

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