President Trump believes the U.S. is in the final stages of negotiations with Iran after calling off military strikes against the country earlier this week in order to provide more time for discussions.
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“We’re in the final stages of Iran. We’ll see what happens. Either have a deal or we’re going to do some things that are a little bit nasty, but hopefully that won’t happen,” Trump told reporters on Wednesday.
Oil Slides, but Stalemate and Supply Risks Remain
The two sides have remained in a stalemate for several weeks, with each country holding firm on their demands. The U.S. is pressing for strict, long-term limits on Iran’s nuclear program and the reopening of the Strait of Hormuz, while Tehran is demanding sanctions relief and security gurantees against future hostilities.
Brent crude oil (BZ) is down by over 5% on the day, although experts have warned that prices will remain elevated even after the war ends due to damaged energy infrastructure and permanent supply impairments.