Oil falls on prospects for talks to end Iran war and revive supply
Addressing a key sticking point in talks to end the Iran war, which has closed the Strait of Hormuz for seven weeks and choked off roughly one-fifth of the world's oil supply, Trump said Tehran had offered not to possess nuclear weapons for more than 20 years.
"We're going to see what happens. But I think we're very close to making a deal with Iran," Trump told reporters outside the White House on Thursday.
Oil prices climbed 50% in March in a record run and have only recently fallen below the $100 per barrel mark but have stayed within the $90 range for the week.
U.S. and Iranian negotiators have scaled back their expectations for a comprehensive peace deal and are instead seeking a temporary memorandum to prevent a return to conflict, two Iranian sources told Reuters on Thursday.
Analysts from ING estimate that roughly 13 million barrels per day of oil flow has been disrupted by the closure of the Strait.
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