Oil Drops as Trump Says U.S. Close to Deal with Iran
Oil fell for a second day after President Donald Trump said the U.S. and Iran were close to a deal on the country’s nuclear program.
Brent fell below $64 a barrel, down as much as 3.4% in London. Trump said Iran had “agreed to the terms,” without providing further details.
Prices had earlier fallen as NBC reported Tehran was willing to commit to not having nuclear weapons in exchange for sanctions relief, reiterating a long-held position.
Crude fell on Wednesday after government data showed U.S. inventories rose by the most since March, ending a four-day rally that had seen them rise nearly 10%. The gains were driven by a trade truce between China and the U.S. and Trump’s increasingly hostile rhetoric over Iranian supplies.
Oil is still down more than 13% this year, and U.S. producers have said they expect little change in prices before the end of the year. Rising Iranian flows will add to the potential for a supply glut later this year after the Organization of the Petroleum Exporting Countries and its allies last month began restoring supplies that have been cut since 2022.
Brent for July delivery fell 3.3% to $63.88 a barrel as of 8:11 a.m. in London
WTI for June delivery fell 3.4% to $60.99 a barrel
Source: Bloomberg
