Oil prices fell in Asian trading, with Brent July at $108.60 per barrel (-1.2%) and WTI at $100.88 (-1.4%).
President Donald Trump announced a pause to the ‘Project Freedom’ operation in the Strait of Hormuz, aiming for a final Iran agreement.
U.S. crude inventories dropped 8.1 million barrels, a larger‑than‑expected draw that supported prices despite easing geopolitical risk premiums.
Earlier in the week Iran intensified attacks on vessels and regional energy infrastructure, heightening concerns over supply disruptions.