Oil prices declined on Friday after U.S. President Donald Trump said Iran permitted 10 oil tankers to transit the Strait of Hormuz this week as a “present” to the United States, suggesting a possible de-escalation of tensions in the vital maritime corridor.

Brent crude futures, the international benchmark, fell 0.6 per cent to $107.36 per barrel, while U.S. West Texas Intermediate futures dropped 0.8 per cent to $93.72 per barrel.

Speaking at a Cabinet meeting on Thursday, Trump said the move was a goodwill gesture from Tehran, which he described as part of ongoing diplomatic efforts.

“To show you the fact that we’re real and solid and we’re there, we’re going to let you have eight boats of oil … and they’ll sail up tomorrow,’” Trump said, referring to Iran.

He noted that the shipment had ultimately become larger.

“They then apologized for something they said, and they said, ‘We’re going to send two more boats.’ And [it] ended up being 10 boats,” he said.

They seem to clarify earlier remarks Trump made this week — when he said Iran had “given us a present” connected to oil and gas but initially didn’t explain what he meant.