Crude Oil Prices Drop 5% After Trump Comments on Iran Talks

AI Summary

Crude oil prices fell over 4% on Sunday, with West Texas Intermediate futures dropping about 5% to $91.65 per barrel and Brent futures losing around 5% to $98.30 per barrel. President Trump stated that negotiations with Iran to reopen the Strait of Hormuz are progressing without haste, emphasizing that timing is on the U.S. side. The previous week, U.S. crude lost more than 8% while Brent tumbled over 5%. The ongoing Iran blockade has significantly impacted oil exports, marking a critical disruption in global supply chains, affecting market sentiment.