Oil prices continue to fall Trump says Iran talks have made "great progress"

Oil prices fell for a second consecutive day on May 6, and U.S. President Donald Trump said "a lot of progress" had been made on a final agreement to end the war with Iran. WTI crude oil futures fell below $100 a barrel, down 3.9% on Tuesday; Brent crude oil futures closed around $110 a barrel. Trump posted on TruthSocial that U.S. efforts to promote ships through the Strait of Hormuz would be suspended, but the maritime blockade would continue to be implemented. Since the conflict broke out in late February, Brent crude oil prices have risen by more than 50%, preventing hundreds of millions of barrels of Persian Gulf oil from entering global markets. Currently, the Strait is double blockaded, hindering oil transportation at this choke point, Tehran blocks shipping, and the United States blocks ships from entering and leaving Iranian ports. Earlier, U.S. Secretary of State Marco Rubio told reporters at the White House that "Operation Epic Fury" had ended, 66 days after the United States and Israel began bombing Iran. "We achieved the goals of the operation," he said.