Oil Prices Drop as Trump Signals Potential US-Iran Deal

Deep News04:30

Oil prices have fallen to their lowest levels since April after US President Donald Trump indicated a peace agreement with Iran could be signed as soon as this weekend, prompting market bets that the conflict disrupting global energy shipments may be nearing an end.

The global benchmark Brent crude fell by 2.9%, settling near $90 per barrel.

Brent extended its losses in post-settlement trading after Trump later stated at the White House that the US had "just reached a very good settlement regarding the war with Iran," adding that a signing ceremony could take place in Europe as early as this weekend.

Earlier on Thursday, Trump posted on social media that the US had called off a planned military strike against Iran.

However, Iran has not yet issued an official response. The semi-official Iranian news agency Fars reported early Thursday, citing a source familiar with the negotiations, that Iran has not approved any text of an agreement with the United States.

Frank Monkam, Head of Cross-Asset Macro Strategy and Trading at Buffalo Bayou Commodities, stated that the Trump administration's "shifting messages have limited crude traders' ability to actively take on risk in the market."

The crude oil market has seen thin trading in recent sessions, forcing many traders to reduce their exposure. Open interest for Brent crude has dropped to its lowest level since March 2025, indicating that some investors have been forced to step back and wait on the sidelines.

July West Texas Intermediate (WTI) crude fell by 2.6%, settling at $87.71 per barrel.

August Brent crude fell by 2.9%, settling at $90.38 per barrel.

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