US President Trump's Announcement Leads to Drop in Crude Oil Prices

Washington DC. With the announcement of US President Donald Trump to provide safe passage to ships stopped in the Strait of Hormuz, the price of crude oil in the world market has seen some decline.

On Monday, oil prices fell after Trump stated on his social media Truth Social on Sunday that the US would help in safely removing the ships trapped in those areas. The price of Brent crude in the market has decreased by 64 cents to $107.53 per barrel, while US West Texas Intermediate (WTI) has fallen by 84 cents to $101.10. Trump has pledged to show ships a safe way through the restricted waterway and facilitate trade activities for the benefit of Iran, the Middle East, and the US.