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Oil prices retreated in Asian trading on Tuesday after early gains faded, driven by reports that U.S. President Donald Trump was weighing an end to military operations against Iran. However, losses remained modest as concerns over the prolonged closure of the Strait of Hormuz continued to support crude markets.
Brent crude futures dropped 1.1% to $111.58 per barrel, while West Texas Intermediate fell 0.9% to $102.02 per barrel as of 22:19 ET. Earlier in the session, prices had surged nearly 4% following news that Iran struck a Kuwaiti oil tanker near Dubai's port, underscoring ongoing supply risks in the region.
According to a Wall Street Journal report, Trump indicated to aides that he is willing to wind down the U.S. military campaign against Iran without securing the reopening of the Strait of Hormuz. Officials reportedly concluded that reopening the critical waterway would require far more time than the initial four-to-six week operational window. Instead, Washington plans to pursue diplomatic pressure on Tehran and may enlist European and Gulf allies to lead efforts in restoring passage through the strait.
The Strait of Hormuz remains a critical chokepoint for global energy markets, accounting for roughly 20% of the world's oil supply. Its continued blockade has rattled traders and pushed Brent and WTI futures to gains of over 50% in March alone, marking one of the strongest monthly rallies on record.
The conflict has disrupted oil production and shipments across multiple Gulf nations, while mixed signals over U.S.-Iran negotiations have added further uncertainty. With Trump setting an early-April ceasefire deadline, Yemen's Houthi group entering the conflict, and Pakistan offering to host peace talks, market volatility is expected to persist as geopolitical tensions remain elevated.
