Oil prices fell for a second day on Wednesday on expectations bottled up supply from the key Middle East ​producing region could resume flowing after U.S. President Donald Trump indicated a possible peace deal ‌may be reached to end the war with Iran.

Fox News senior national correspondent Rich Edson has the latest on President Donald Trump's actions in the Middle East on 'Special Report.'

Oil is off to a volatile start to the week on a disputed report of a strike on a U.S. Navy ship in the Strait of Hormuz.

Oil futures settled lower after U.S. officials said Iranian strikes didn’t mark the end of the cease-fire as the U.S. carries out an operation to help get vessels though the Strait of Hormuz.

Oil prices were falling early Tuesday but remained elevated amid President Donald Trump’s efforts to play down Iran’s ability to disrupt shipping in the Strait of Hormuz. Brent crude futures, the international standard,

President Donald Trump has commented on gas prices several times since the war in Iran started. One fake post and one old Tweet are going viral.

Oil prices edged lower in early Wednesday trade in Asia after US President Donald Trump raised hopes for an agreement with Iran to end the war. Trump said the US would pause its operation to guide ships through the key Strait of Hormuz trade route - a move that triggered an escalation in attacks in the region - to see if a deal could be made.

The president said that the U.S. had told countries it would “guide their Ships safely out of these restricted Waterways.”