Brent crude fell to a low of $93.36 from an earlier high of $98, before rebounding to about $94. Prices had jumped earlier after the U.S. carried out new strikes on a military site in Bandar Abbas — the second attack in three days — which Washington said were conducted in self-defense.

CENTCOM confirmed it also shot down four Iranian drones near the Strait of Hormuz, while Iran called the strikes "a grave violation of the ceasefire" and vowed not to leave any hostility unanswered. Kuwait's military separately reported intercepting hostile missile and drone threats.

Oil had already fallen sharply this week on hopes of a deal to reopen the strait, which has been effectively closed since the war began on February 28, choking off roughly one-fifth of global oil and LNG supplies. Before the conflict, Brent was trading closer to $70 a barrel.

Exchange of messages with the US is underway.

If Trump wants to get out of the deadlock, he has no choice but to surrender to the will of the Iranian nation.

Americans must first accept Iran's five conditions. At this stage, they accepted, but so far they have not taken any action.

Actually, oil prices are down about 10% in May.

The Strait of Hormuz has to have free transit navigations of the sea; the sea has to be free and open, as it was before.

Trump will not take a bad deal. He's going to make a great deal for the American people.

President Trump has done something that no other administration has been able to do.

We have gotten the Iranians to talk about their nuclear program and perhaps commit to not having one.

That has never happened before.

The economy is challenging now, but unemployment is still low, tax refunds were high, and consumer spending is still quite high.

We did not have regime change, but we changed the regime.

Thanks to President Trump’s historic $1.5 trillion military investment, our troops will receive the largest pay raise in modern history.

We are also making a generational investment in barracks, military infrastructure, and troop support systems.

America First = Troops First