Oil markets tumble as Trump pauses Strait of Hormuz operation. U.S. West Texas Intermediate crude fell $2.23 to $100.04 per barrel, down 2.18%, after President Trump announced a temporary pause on reopening the strategic waterway to pursue a potential agreement. WTI closed down 3.9% on Tuesday while Brent crude dropped 4% to $109.87. The decision comes as crude oil inventories fell for the third consecutive week, with stockpiles declining 8.1 million barrels. Gasoline and distillate inventories also decreased by 6.1 million and 4.6 million barrels respectively. The geopolitical uncertainty surrounding the conflict has roiled global energy markets and the broader economy, with the International Monetary Fund warning it could take three to four months to address consequences even if hostilities ended immediately.
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