Trump Signals Patience in Iran Talks; Brent Falls 4%

Brent crude fell about 4% to $98.90 on Monday after President Donald Trump posted that Iran nuclear negotiations were “proceeding in an orderly and constructive manner” and told his negotiators not to rush a deal. The White House post was published on May 24.

In the post Trump wrote, ‘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… Both sides must take their time and get it right. There can be no mistakes!’ He thanked Middle East partners for their cooperation and suggested Iran might eventually join the Abraham Accords.

Traders adjusted positions after the comments, which trimmed the immediate geopolitical premium that had supported higher oil prices. West Texas Intermediate fell 4.61% to $92.10. Gasoline futures slipped about 4% to $3.30 a gallon and heating oil dropped roughly 3.2% to $3.70. Natural gas edged down 0.61% to $2.88.

Brent had climbed earlier in May, briefly topping $110 as markets priced potential supply disruptions. Market participants had been weighing risks such as a blockade of the Strait of Hormuz; the strait remained closed at the time of the White House post.

Risk assets moved higher as energy prices eased. Japan’s Nikkei 225 rose past 65,000 in early trading and South Korea’s KOSPI gained about 0.41%. Cryptocurrency markets added modest gains, with Bitcoin trading near $77,000 after recovering from a low around $74,277.

Analysts said markets will look for formal confirmations from negotiators and any operational changes at key shipping chokepoints. If talks break down or security conditions worsen, the premium that supported recent crude gains could return.