Oil prices fell back below the key 100 dollars per barrel mark after U.S. President Donald Trump said Iran was willing to negotiate, easing market concerns over supply disruptions.
Brent crude for May delivery slipped just under 100 dollars a barrel following Trump’s remarks, dropping around 4 prt cent within minutes.
Prices had surged in recent weeks in the ongoing conflict with Iran, briefly approaching 120 dollars a barrel.
Before the conflict began, Brent had traded between 60 dollars and 70 dollars for several months.
The rise in oil prices has pushed up the cost of fuels such as petrol, diesel, and heating oil.
Trump told reporters that Iran was open to talks.
“We’re actually talking to the right people, and they want to make a deal so badly, you have no idea how badly they want to make a deal,” he said.
Iran had previously denied any willingness to negotiate, and there was no immediate official response from Tehran to Trump’s latest comments.
