Oil drops below $100 as Trump signals Iran deal near
West Texas Intermediate crude oil fell nearly 6% on Wednesday, dropping below $100 per barrel. The decline followed U.S. President Donald Trump's statement that negotiations with Iran are in their final stages. Trump indicated that a deal with Tehran is nearly complete, which could lead to increased global oil supply and further price reductions. The market reacted sharply to the prospect of sanctions relief on Iranian oil exports.
Key facts
- West Texas Intermediate crude fell nearly 6% on Wednesday.
- Oil dropped below $100 per barrel.
- President Donald Trump said Iran negotiations are in final stages.
- A potential deal could increase global oil supply.
- Market reacted to prospect of sanctions relief on Iranian oil.
Entities
Locations
- Iran
- United States
Sources
- Quartz —