Trump Pledges Assistance to Free Ships from Strait of Hormuz, Global Oil Prices Dip Slightly

SINGAPORE - Global oil prices weakened in early Asian trading on Monday (4/5/2026). The decline occurred after US President Donald Trump stated that he would help free the ship trapped in the Strait of Hormuz.

Reuters reported that Brent crude oil prices fell 64 cents, or 0.59 percent, to $107.53 US per barrel. West Texas Intermediate (WTI) crude oil dropped 84 cents, or 0.82 percent, to $101.10 US per barrel.

Trump conveyed this plan via the Truth Social platform on Sunday. The US will assist shipping in the Strait of Hormuz, which remains restricted due to the conflict with Iran.

“For the good of Iran, the Middle East, and the US, we have informed those countries that we will guide their ships safely out of these restricted waterways so they can resume their business freely and smoothly,” Trump wrote.

Ship traffic in the Strait of Hormuz remains limited. This situation sustains concerns over global supply disruptions.

Negotiations between the US and Iran took place throughout the weekend. Both countries are still evaluating their respective positions and have not reached an agreement.

ANZ analysts assessed that the talks remain deadlocked. Both parties are holding firm on their main conditions.

“Peace talks are stalled because both sides refuse to cross their respective red lines,” the ANZ analysts wrote.

Trump has made a nuclear deal with Tehran a priority. Iran proposes discussing the nuclear issue after the war ends. Iran also demands the lifting of the shipping blockade in the Gulf region.

An increase has been agreed upon by seven countries, namely Saudi Arabia, Iraq, Kuwait, Algeria, Kazakhstan, Russia, and Oman. This marks the third consecutive monthly increase.

The additional supply is estimated not to have a significant impact yet. Oil distribution remains disrupted as long as the US-Iran conflict continues.