Oil prices drop after US pauses naval escort in Strait of Hormuz amid Iran deal progress

Oil prices fell after President Donald Trump announced the US would pause its naval escort mission in the Strait of Hormuz, citing significant progress toward a final agreement with Iran. This decision eased tensions in the region, leading to a drop in Brent crude and West Texas Intermediate futures. The pause affects a military effort launched to protect commercial vessels in the Persian Gulf, where about 23,000 seafarers from 87 countries had been stranded due to Iran's shutdown of the strait. The move signals potential diplomatic progress that could stabilize oil supply routes and prices going forward.