Oil prices slide as President Donald Trump pauses Hormuz reopening
Business
Oil prices slid on Wednesday after President Donald Trump said efforts to reopen the Strait of Hormuz are on hold for now.
WTI crude dropped to $100.96 per barrel and Brent fell to $108.74, following a stretch of volatile trading tied to tensions between U.S.-Israeli forces and Iran.
US gasoline $4.52 highest since 2022
Trump confirmed the blockade is still in place but hinted at possible talks ahead.
Meanwhile, US fuel prices have hit $4.52 a gallon, the highest since 2022, thanks to earlier oil spikes and issues like refinery outages and low inventories.
Gasoline stocks are down below average, while demand is up 1% from last year, so analysts warn we could see even higher prices this summer if supplies keep shrinking.