Oil prices fell in Asian trading, Brent down 1.2% to $108.60/bbl and WTI down 1.4% to $100.88/bbl.
President Donald Trump announced a pause to the “Project Freedom” operation in the Strait of Hormuz, hoping for an Iran agreement.
U.S. crude inventories dropped 8.1 million barrels per API, a larger-than-expected draw indicating strong demand and limited supply.
Geopolitical risk premium eased as Iran’s recent attacks on vessels and energy infrastructure raised earlier concerns.