Oil tumbles 5% after Trump calls Iran talks 'constructive'
Oil prices fell sharply after Donald Trump said negotiations with Iran were proceeding in a constructive manner and that a deal covering the Strait of Hormuz could be announced soon. He cautioned there was 'no rush' to finalise it.
Brent and US crude both fell roughly 5% after Trump said talks with Iran were proceeding in a constructive manner. According to the president, an agreement that would include reopening the Strait of Hormuz had been largely negotiated and could be announced soon.
Trump added there was 'no rush' to finalise the deal. Markets eased as weeks of war-driven supply fears loosened, though analysts cautioned that price moves remain tied to how the diplomacy unfolds and that no text has yet been signed.
The drop in energy prices rippled into broader markets, with US equities closing strong. Investors noted the risk premium could return if talks reverse. This article is informational and not investment advice.
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