Oil prices fall as Trump says US is 'getting close' to Iran nuclear deal https://t.co/QtJFxXJ2nJ
— Daily Mail US (@Daily_MailUS) May 15, 2025
Oil prices fell as much as 3 per cent by Thursday afternoon after President Donald Trump said the US was close to reaching a nuclear accord with Iran.
The price of Brent crude, the global benchmark, was trading at $64.6 per barrel by mid-afternoon, while West Texas Intermediate Crude stood at $61.7 per barrel.
Trump told reporters in Doha, Qatar, which forms part of a three-day Middle East tour, that the US was ‘getting close to having a deal’ that would avoid a ‘violent step’.
During his first term in office, Trump withdrew from an agreement severely limiting Iran’s ability to enrich uranium and slashing its nuclear fuel stockpiles.
The US instead imposed major sanctions as part of a ‘maximum pressure’ campaign aimed at restricting Iran’s support for armed groups in the Middle East and curtailing its ballistic missile programme.
A new deal could see significant sanctions lifted on Iranian energy exports, flooding the international oil market with even greater supply.