Oil prices fall more than 4% after Trump says Iran talks proceeding in a ‘constructive manner’

West Texas Intermediate futures fell nearly 5% to $92.05 per barrel by 6:40 p.m. ET. International benchmark Brent futures also lost almost 5% to $98.88 per barrel.

“The negotiations are proceeding in an orderly and constructive manner, and I have informed my representatives not to rush into a deal in that time is on our side,” Trump said Sunday in a social media post.

The president said Saturday that an agreement with Iran to open Hormuz, among other issues, was largely negotiated and would be announced soon. Trump has suggested before that the conflict with Iran was on the verge of a resolution, only for tensions to escalate and oil price to shoot higher again.

Iran has imposed a de facto blockade of commercial shipping through Hormuz since early March, in retaliation for U.S. and Israeli airstrikes that killed the Islamic Republic’s head of state Ayatollah Ali Khamenei and other top leadership.

The blockade has dramatically cut oil exports from the Middle East, triggering the largest oil supply disruption in history.

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