Muscat: Oil prices reversed course in Asian trading today, paring earlier gains, following a report that US President Donald Trump told aides he is willing to end the Iran war without reopening the Strait of Hormuz. Brent crude futures for May were down $1.22, or 1.08%, to $111.56 per barrel after rising 2% earlier in the session. The May contract expires on Tuesday and the more active June contract was at $105.76. US West Texas Intermediate futures for May fell 98 cents, or 0.95%, to $101.90 a barrel after hitting their highest point since 9 March in early trading.

According to Oman News Agency, Trump told aides he is willing to end the military campaign against Iran even if the Strait of Hormuz remains largely closed and leave its reopening for a later date, The Wall Street Journal reported yesterday, citing administration officials. The report has had an immediate impact on the oil market as traders reassess the geopolitical risks in the region and their potential effects on oil supply and prices. The Strait of Hormuz is a critical chokepoint for global oil shipments, and its closure has been a significant concern for the market.