Following US President Donald Trump’s assertion that talks to terminate the conflict are moving forward—a claim that Iranian officials contest—oil prices fell precipitously during morning trading in Asia.
US-traded oil dropped more than 5.5% to $87.20, while Brent crude dropped 6.6% to $97.56 (£72.65) per barrel. On Tuesday, Trump declared that negotiations to end the war are taking place “now” and that the parties to the talks “want to make a deal so badly.
Claims of discussions between the US and Iran were described as “fake news” by Tehrani officials on Monday, while Israel and Iran continued to exchange strikes. According to Trump, talks to terminate the war included Secretary of State Marco Rubio and Vice President JD Vance.
The president reiterated his assertion that Iranian authorities have resolved that they will never possess a nuclear weapon, adding that the US-Israeli strikes on Tehran had resulted in “regime change.”
However, Tehran has repeatedly denied allegations that it had communicated with the United States, characterizing it as an attempt at market manipulation. The opening of the Strait of Hormuz and its recognition as a free marine zone were among the requests made by the US, according to Channel 12.
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