Oil Prices Decline on Trump Remarks on U.S.-Iran War
Oil prices eased on Wednesday as negotiations between the US and Iran helped ease supply concerns among market participants, following President Donald Trump’s remarks that the conflict appears “close to over” and that US-Iran talks could resume in Pakistan within two days.
International benchmark Brent crude futures traded at $94.77 per barrel, down around 0.02% from the previous close of $94.79. US benchmark West Texas Intermediate (WTI) fell about 0.3% to $91.01 per barrel, compared with $91.28 in the previous session.
Trump said the US-Israeli war with Iran is “close to over,” signaling de-escalation even as uncertainty lingers. In an interview to be aired on Wednesday, Trump told Fox Business anchor Maria Bartiromo, he sees the conflict as nearing its end.
“I think it’s close to over, yeah. I mean, I view it as very close to over,” he said, according to a video excerpt shared on X. Bartiromo said Trump repeatedly referred to the conflict in the past tense during the interview, prompting her to ask directly whether it had ended.
“He said: ‘It’s over,'” she said in a video posted on Instagram.
Trump also struck an upbeat tone on the prospects for renewed diplomacy, saying direct US-Iran talks could resume in Pakistan within two days. Pakistan brokered a two-week ceasefire on April 8, which remains in effect.
Trump’s remarks and the prospect of renewed US-Iran talks ease fears of prolonged supply disruptions, supporting downward price movements.
On the other hand, Trump said he is not considering extending the current ceasefire with Iran, according to ABC News reporter Jonathan Karl, signalling that downside in prices may be limited despite easing tensions.
Trump suggested the coming days could be decisive, saying “an amazing two days” lie ahead, while indicating the conflict could end either through a negotiated settlement or further military action targeting Iran’s capabilities.
“It could end either way, but I think a deal is preferable because then they can rebuild. They really do have a different regime now. No matter what, we took out the radicals. They’re gone, no longer with us,” Trump was quoted as saying.
The remarks underscore lingering geopolitical uncertainty, which is likely to cap further declines in oil prices even as diplomatic signals weigh on the broader market outlook.
Trump’s refusal to extend the ceasefire and his openness to a military outcome reintroduce the risk of renewed disruptions, particularly to flows through the Strait of Hormuz, thereby limiting further price declines.
