Singapore: Oil prices reversed course in Asian trading, paring earlier gains, following a report that US President Donald Trump told aides he is willing to end the Iran war without reopening the Strait of Hormuz. According to Qatar News Agency, Brent crude futures for May were down $1.22, or 1.08%, to $111.56 per barrel after rising 2% earlier in the session. The May contract is set to expire soon, with the more active June contract priced at $105.76. US West Texas Intermediate futures for May experienced a decline, falling 98 cents, or 0.95%, to $101.90 a barrel after reaching their highest level since March 9 in early trading. The Wall Street Journal reported on Monday, citing administration officials, that Trump has expressed willingness to conclude the military campaign against Iran. This decision could occur even if the Strait of Hormuz remains largely closed, with plans to address its reopening at a later stage.
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