An Iranian flag flutters in the wind as ships remain anchored on May 16, 2026 in the Strait of Hormuz near Larak Island, Iran.
Majid Saeedi | Getty Images News | Getty Images
Crude oil prices fell more than 4% on Sunday, after President Donald Trump indicated that talks with Iran to reopen the Strait of Hormuz are advancing.
West Texas Intermediate futures fell nearly 5% to $92.05 per barrel by 6:40 p.m. ET. International benchmark Brent futures also lost almost 5% to $98.88 per barrel.
“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,” Trump said Sunday in a social media post.
The U.S. president said Saturday that an agreement with Iran to open Hormuz, among other issues, was largely negotiated and would be announced soon.
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