Oil prices slide as fragile U.S.-Iran ceasefire holds, U.S. escorts ship through Strait of Hormuz

U.S. President Trump announced a temporary pause in the Strait of Hormuz reopening operation, aiming to assess the possibility of finalizing and signing a ceasefire agreement. West Texas Intermediate crude oil prices fell, and U.S. crude oil inventories decreased. This suggests a potential easing of tensions between the U.S. and Iran.