Oil prices fell 6% on Wednesday after Donald Trump said that negotiations with Iran were in the final stages, though investors remain wary about the outcome of peace talks as disruption to Middle Eastern supply continues.
Brent crude futures fell $6.64, or 5.97%, to $104.64 a barrel by 1.45pm ET and US West Texas Intermediate futures were down $6.49, or 6.23%, at $97.66.
The US president said that negotiations with Iran were in the final stages but warned of further attacks unless Iran agrees to a deal. The Iranian foreign ministry spokesperson, Esmaeil Baghaei, said Iran was ready to develop protocols for safe shipping traffic in cooperation with other coastal states, without providing further details.
Despite signs of progress, some market participants and analysts remain wary about the outcome of negotiations and global supply tightness that will probably persist even if the US and Iran reach a deal.
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