Oil prices fell sharply early Thursday after U.S. President Donald Trump said the United States is close to reaching a nuclear deal with Iran. At the same time, a senior Iranian official suggested Tehran might stop enriching uranium if U.S. sanctions are lifted.
In early trading across Asia and Europe, U.S. benchmark WTI crude dropped 4.12% to $60.58 per barrel. Brent crude, the international benchmark, fell 3.80% to $63.52 per barrel.
The price decline began Wednesday after the U.S. Energy Information Administration reported a 4 million barrel rise in crude oil inventories for the week ending May 9. Earlier, the American Petroleum Institute had also reported an unexpected increase of 4.287 million barrels in U.S. crude stocks, though gasoline and distillate inventories decreased.
The sell-off intensified Thursday after President Trump told reporters during his Middle East tour, “We’re in very serious negotiations with Iran for long-term peace.” He added, “We’re getting close to maybe doing a deal without having to do this… there are two steps, a very nice step and a violent step, but I don’t want to do it the second way.”
Separately, Ali Shamkhani, a key political and nuclear adviser to Iran’s Supreme Leader Ayatollah Ali Khamenei, told NBC News that Iran is willing to sign a nuclear deal if the U.S. lifts economic sanctions.
These statements came just hours after the U.S. Treasury announced new sanctions targeting nearly two dozen companies involved in Iran’s oil trade across multiple countries.
Related Topics:
- Traders Eager to Reenter Russian Crude Market, But the Door Remains Closed
- Oil Prices Rise Due to Venezuela Tariffs
- Iraq Gives BP Final Approval for Kirkuk Oil Development