Oil prices extended declines as traders reacted to President Donald Trump's efforts to end the Iran conflict that has roiled global markets. West Texas Intermediate crude dropped as much as 1.8% to $98.37 a barrel after shedding 1.2% on Wednesday. The market responded positively to signs that the energy-disrupting war might be nearing resolution.

Trump is scheduled to deliver a rare prime-time address to the nation where he's expected to stress operations may come to an end in two to three weeks, according to a White House official. The Strait of Hormuz chokepoint remains largely closed to shipping, a critical passageway that normally handles about a fifth of global oil consumption.

The potential resolution of the Iran conflict would remove a major supply uncertainty that has kept oil markets on edge for months. Energy traders will be closely monitoring Trump's address for any concrete timeline on de-escalation. Oil markets remain sensitive to geopolitical developments in the Middle East.