WTI crude oil futures slid over 3% below $100 per barrel in the first trading session of April, following a record monthly jump in March, weighed by hopes of de-escalation in the Middle East. President Trump told reporters that US forces could withdraw from Iran within two to three weeks and suggested a deal with Tehran might be possible, though not necessary to end the conflict.

However, markets remained cautious as additional US troops arrived in the region, while Tehran said no formal peace talks were underway but signaled a willingness to end the war if its conditions are met.

All eyes are now on Trump’s nationwide address on the Iran conflict later today.

Meanwhile, Iranian drones struck fuel tanks at Kuwait International Airport, triggering a large fire and causing damage, adding to recent attacks on energy infrastructure.

Elsewhere, API data showed US crude inventories surged by 10.263 million barrels last week.
Source: Trading Economics