Crude inventories dropped by 8.1 million barrels in the week ended May 1, while gasoline stocks fell by 6.1 million barrels and distillates by 4.6 million barrels. Oil prices fell for a second straight day on Wednesday as expectations grew that supply from the Middle East could resume, after US President Donald Trump signalled progress toward a possible peace deal with Iran. Brent crude for July delivery dropped $1.52, or 1.38%, to $108.35 per barrel as of 0103 GMT, after falling 4% in the previous session. US West Texas Intermediate (WTI) for June declined $1.50, or 1.47%, to $100.77, following a 3.9% drop a day earlier, Geo News reported. The decline came after Trump said he would briefly pause ‘Project Freedom’, an operation to escort ships through the Strait of Hormuz, citing progress toward a broader agreement with Iran. There was no immediate response from Tehran. Despite the pause, Trump said the US Navy would maintain its blockade of Iranian ports.…