Oil prices have seen a decline following U.S. President Donald Trump's announcement regarding efforts to free ships stranded in the Strait of Hormuz. Brent crude futures dropped 64 cents to settle at $107.53 per barrel, while U.S. West Texas Intermediate fell 84 cents to $101.10 per barrel. Despite the drop, prices remain elevated due to the lack of a peace deal between the U.S. and Iran, which has kept traffic in the Strait limited. Analysts noted that peace talks have stalled as both nations refuse to compromise on their demands. Trump emphasized the importance of guiding ships safely through restricted waterways to facilitate trade. Additionally, OPEC+ announced plans to increase oil output targets by 188,000 barrels per day for June, marking the third consecutive monthly rise, although actual increases may be hampered by ongoing conflicts affecting Gulf oil supplies.