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NEW YORK: Oil prices fell about six per cent on Wednesday after US President Donald Trump said negotiations with Iran were in the final stages, though investors remain wary of the outcome of peace talks as disruptions to Middle Eastern supply persist.
Brent crude futures fell $6.64, or 5.97pc, to $104.64 a barrel by 1745 GMT and US West Texas Intermediate futures were down $6.49, or 6.23pc, at $97.66.
Trump said that negotiations with Iran were in the final stages but warned of further attacks unless Iran agrees to a deal. Iranian foreign ministry spokesperson Esmaeil Baghaei said Iran was ready to develop protocols for safe shipping traffic in cooperation with other coastal states, without providing further details.
Despite signs of progress, some market participants and analysts remain wary about the outcome of negotiations and about global supply tightness, which will likely persist even if the US and Iran reach a deal.
