Oil prices fall as Trump pauses Hormuz escort effort

This photo shows a view of LyondellBasell refinery near the Houston Ship Channel, part of the Port of Houston, on April 29, 2026. Ronaldo Schemidt | AFP | Getty Images Oil prices fell on Wednesday after President Donald Trump said the U.S. would pause its naval escort effort in the Strait of Hormuz, raising hopes of a potential deal with Iran. Futures for international benchmark Brent crude for July delivery slid 1.21% to $108.54 per barrel Tuesday, while U.S. …