Trump Urges Patience on Iran Talks; Brent Falls 4%

On May 24, President Donald Trump wrote that Iran nuclear talks were proceeding “in an orderly and constructive manner” and instructed his representatives not to rush a deal, advising patience while thanking Middle East partners for their cooperation.

Oil prices fell sharply after the comments. West Texas Intermediate dropped 4.61% to $92.10 a barrel and Brent slid 4.44% to $98.90. Gasoline futures declined about 4% to $3.30 per gallon, heating oil fell 3.2% to $3.70, and natural gas eased 0.61% to $2.88 per million British thermal units.

Traders attributed the selling to a reduced geopolitical risk premium. Brent had risen above $110 earlier in May amid disruptions to flows through the Strait of Hormuz and other regional chokepoints; remarks suggesting less urgency in reaching a deal removed some of the short-term price support.

Asian equity markets moved higher alongside the drop in energy prices. Japan’s Nikkei 225 closed above 65,000 for the first time that day, and South Korea’s KOSPI gained about 0.4% in early trade. Cryptocurrency markets also advanced, with Bitcoin trading near $77,000 after recovering from about $74,277.

The president’s post included a reference to the Abraham Accords as a possible future path for Iran and reiterated that negotiators should take time to avoid mistakes. He wrote: “The negotiations are proceeding in an orderly and constructive manner, and I have informed my representatives not to rush into a deal in that time is on our side… Both sides must take their time and get it right. There can be no mistakes!”

Market participants will monitor formal diplomatic announcements and any changes to shipping conditions in the region. A confirmed reopening of the Strait of Hormuz could put further downward pressure on Brent, while a breakdown in talks or renewed hostilities would be likely to restore the higher risk premium that supported recent price gains.

Traders and analysts will also watch subsequent statements from negotiating teams and official steps that affect oil flows to determine whether crude prices continue to fall or reverse course.