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

AI Summary

Oil prices dropped over 4% following former President Trump's remarks that talks with Iran to open the Strait of Hormuz are progressing constructively and an agreement is imminent. This development signals potential easing of geopolitical tensions impacting global energy markets.

Trump had said an agreement with Iran to open the Strait of Hormuz, among other issues, was largely negotiated and would be announced soon.