Oil prices declined after U.S. President Donald Trump said a deal with Iran could be reached soon.
According to reports, Trump’s comments raised hopes that a peace agreement related to the ongoing Middle East conflict may be near. As a result, oil prices fell by nearly 5%, with crude dropping below $90 per barrel.
Brent crude fell below the $90 mark for the first time in several weeks, while U.S. benchmark West Texas Intermediate (WTI) crude dropped to around $86 per barrel.
The decline came just a day after oil prices had risen due to renewed exchanges of attacks between Iran and Israel, which had increased concerns about disruptions to global oil supplies.
