- Crude oil prices fell more than 4% on Sunday, after President indicated that talks with Iran to are advancing.
- International benchmark futures lost almost 5% to $98.88 per barrel.
- Futures fell nearly 5% to $92.05 per barrel by 6:40 p.m. ET.
- Trump stated, 'The negotiations are proceeding in an orderly and constructive manner, and I have informed my representatives not to rush into a deal in that time is on our side.'
- The U.S. president indicated that an agreement with Iran to open Hormuz, among other issues, was largely negotiated and would be announced soon.
Oil prices dropped over 4% on Sunday, with futures reaching $92.05 per barrel, following President Trump's remarks about the progress in negotiations with Iran.
‘The negotiations are proceeding in an orderly and constructive manner,’ Trump stated, suggesting that time is on the side of the negotiators.4
The market reacted significantly, with international benchmark futures also losing almost 5% to $98.88 per barrel. Trump mentioned that an agreement addressing key issues such as the opening of the Strait of Hormuz is largely negotiated and will be announced soon, further influencing market sentiments.
Experts believe that such developments could lead to stabilization in the oil market as clarity around Iran's role emerges.
With ongoing concerns over supply chains and geopolitical tensions in the region, traders are keenly awaiting the outcome of these negotiations.
“Crude oil prices have fallen over 4% following Trump's remarks on the Iran negotiations. He indicated that the talks are making progress and an agreement regarding Hormuz is anticipated soon.”
CNBC
