New Delhi, May 4 -- Global oil prices traded on a subdued note on Monday morning after US president Donald Trump said that the US will guide stranded ships out of Strait of Hormuz.

At 7:45 AM, the July contract of Brent on the Intercontinental Exchange was trading at $108.04, lower by 0.12% from its previous close while the June contract of West Texas Intermediate on the NYMEX was down 0.28% at $101.65 a barrel.

However, with no concrete peace deal in sight, the fall in prices was limited.

"Countries from all over the World, almost all of which are not involved in the Middle Eastern dispute going on so visibly, and violently, for all to see, have asked the United States if we could help free up their Ships, which are locked up in the S...