Oil down 1% after report says Trump open to ending campaign against Iran

Oil prices reversed course in Asian trading on ‌Tuesday, 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. Brent crude futures for May were down $1.22, or 1.08%, to $111.56 per barrel at 0210 GMT after rising 2% earlier in the session. The May contract expires ​on Tuesday and the more active June contract was at $105.76. US West Texas Intermediate futures for May fell 98 cents, or 0.95%, ​to $101.90 a barrel after hitting their highest point since March 9 in early trading. US weighs military reinforcements as Iran war enters possible new phase Analysts said the fall ⁠in prices is a temporary reaction to the idea of the war’s end, but any meaningful change in prices would not materialise until ​flows through the Strait of Hormuz are completely reinstated. Trump told aides he is willing to end the military campaign against Iran even if the ​Strait of Hormuz remains largely closed and leave its reopening for a later date, The Wall Street Journal reported on Monday, citing administration officials.