Oil drops more than 5% as Trump talks up Iran negotiations

Oil prices fell more than 5% on Wednesday as President Donald Trump attempted to reassure markets with optimistic comments about negotiations with Iran.

Brent crude dropped to $105.70 as traders reacted to signs that Washington and Tehran may be moving closer to a deal that could avert another round of attacks and ease fears of prolonged supply disruption in the Middle East.

Trump said negotiations with Iran were in the “final stages” but warned that the United States could launch further attacks unless Tehran agrees to a peace deal.