Oil prices fall after Trump says Iran talks ‘constructive’
The Iranian flag waves in the wind as ships remain anchored in the Strait of Hormuz near Iran’s Larak Island on May 16, 2026.
Majid Saeedi | Getty Images News | Getty Images
Crude oil prices fell more than 4 percent on Sunday after President Donald Trump said talks with Iran on reopening the Strait of Hormuz were progressing.
West Texas Intermediate Futures fell nearly 5% to $92.05 per barrel by 18:40 ET. International comparison Brent Futures contracts also lost almost 5% to $98.88 per barrel.
“Negotiations are proceeding in an orderly and constructive manner, and I have informed my representatives not to rush into an agreement as long as it is on our side,” Trump said on Sunday. social media post.
US president said Saturday He said an agreement with Iran on opening Hormuz, among other issues, had been largely negotiated and would be announced soon.
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