Oil prices fall after Trump says Iran negotiations in final stages
Summary
Oil prices dropped by about 6% after President Donald Trump said talks with Iran were close to a deal. However, experts remain cautious because oil supply in the Middle East is still uncertain.Key Facts
- Brent crude oil fell nearly 6% to $104.64 per barrel.
- U.S. West Texas Intermediate oil dropped about 6.2% to $97.66 per barrel.
- President Trump said Iran negotiations are in final stages but warned of more attacks if no deal is reached.
- Iran offered to work on safe shipping protocols with nearby countries but gave no details.
- Analysts say oil prices may rise due to ongoing supply risks and possible continued disruptions.
- The number of ships passing through the Strait of Hormuz, a key oil route, remains much lower than before the conflict.
- Some countries are lifting sanctions on Russian oil because the world needs its supply.
- The price difference between near-term and future oil contracts shows the market expects supply to remain tight.
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