Trump: US in Final Iran Talks Stage, WTI Slides Near $98

Oil markets have eased from their May 18 peak as President Trump announced the U.S. is in the final stages of negotiations with Iran. Prices retreated after Trump postponed a planned military strike at the request of Saudi Arabia and the UAE, allowing talks to proceed. WTI crude, which hit $106.21 amid Strait of Hormuz tensions and a UAE nuclear plant strike, has since fallen toward $98.60. The shift follows rejection of Iran’s ceasefire proposals and the lapse of Russian oil sanctions waivers, which had sustained elevated risk premiums. Broader supply concerns and OPEC’s reduced 2026 demand forecast continue to underpin volatility despite the diplomatic progress.