Oil prices continue to fall, with Trump saying Iran negotiations have made "great progress"

Gold Financial reports that on May 6th, oil prices declined for the second consecutive day, with U.S. President Donald Trump stating that significant progress has been made in reaching a final agreement to end the war with Iran. WTI crude oil futures fell below $100 per barrel, dropping 3.9% on Tuesday; Brent crude oil futures closed near $110 per barrel. Trump posted on Truth Social that the U.S. will suspend efforts to push ships through the Strait of Hormuz, but the maritime blockade will continue. Since the conflict erupted in late February, Brent crude prices have risen over 50%, preventing hundreds of millions of barrels of Persian Gulf oil from entering the global market. Currently, the strait is under dual blockade, hindering oil transportation through this critical passageway, with Tehran obstructing shipping and the U.S. preventing ships from entering or leaving Iranian ports. Earlier, U.S. Secretary of State Marco Rubio told reporters at the White House that the “Epic Fury Operation” has ended, and 66 days have passed since the U.S. and Israel began bombing Iran. He said, “We have achieved the objectives of the operation.”