Oil prices reversed course in Asian trading, paring earlier gains, following a report that US President Donald Trump told aides he is willing to end the Iran war without reopening the Strait of Hormuz.

Brent crude futures for May were down $1.22, or 1.08 per cent, to $111.56 per barrel at 0210 GMT after rising 2pc earlier in the session. The May contract expires on Tuesday and the more active June contract was at $105.76.
US West Texas Intermediate futures for May fell 98 cents, or 0.95pc, to $101.90 a barrel after hitting their highest point since March 9 in early trading.

Analysts said the fall in prices is a temporary reaction to the idea of the war’s end, but any meaningful change in prices would not materialise until flows through the Strait of Hormuz are completely reinstated.