Oil prices down, but Brent holds above $101

Oil drilling rigs

Oil prices fell at the close of trading today, April 1, as investors assessed the prospects for an end to the war in the Middle East after the US president indicated his country's readiness to withdraw from the conflict within a few weeks.

Brent crude futures for June delivery fell 2.70%, or $2.81, to $101.16 a barrel. US West Texas Intermediate (WTI) crude futures for May delivery also declined, dropping 1.24%, or $1.26, to $100.12 a barrel.

US President Donald Trump predicted an end to military operations against Iran within two or three weeks, arguing that there was no longer any justification for continuing and hinting at a "victory" in preventing Tehran from acquiring a nuclear weapon.

Markets are awaiting a speech from the US president to provide a "major update" on the Iranian issue, at a time when reports indicate that Washington is planning two ground operations inside Iran as part of a military escalation awaiting Trump's approval.