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Trump touts rising stocks and stabilizing oil prices amid Iran negotiations
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Trump touts rising stocks and stabilizing oil prices amid Iran negotiations
President Donald Trump said during his bilateral meeting with Egypt during the G7 Summit in France that the forthcoming deal between the U.S. and Iran has contributed to oil prices sliding near pre-war levels and rising stock prices.
Oil prices fluctuated on Wednesday as investors cautiously await a forthcoming deal to end the war between the United States and Iran.
The terms of the preliminary agreement have not been released by either country, but traders will be eyeing whether the negotiations will ultimately lead to the Strait of Hormuz being reopened to commercial traffic, as President Donald Trump has claimed. The agreement is expected to be signed on Friday.
The market showed restrained optimism, with the price of Brent Crude, the global benchmark for oil, ticking up over one percent. The price per barrel crossed above $80 for several hours before coming back down to $79.
West Texas Intermediate Crude, the U.S. benchmark, also increased by more than one percent to nearly $77 per barrel, but it has since sagged to around $76.60.
IRAN’S REGIME SPINS NUCLEAR AND STRAIT OF HORMUZ DEAL WITH TRUMP AS VICTORY OVER US, ISRAEL
A navy vessel is seen sailing in the Strait of Hormuz, a vital waterway through which much of the world's oil and gas passes on March 1, 2026. (Sahar AL ATTAR / AFP via Getty Images / Getty Images)
Before the U.S. launched strikes on Iran on February 28, roughly 20 percent of crude oil passed through the all-important chokepoint that connects the Persian Gulf to the open ocean. In late April, Brent Crude reached a wartime high of around $120 per barrel.
Oil prices have decreased since the U.S. and Iran announced the framework of a deal, which will involve a 60-day ceasefire and the reopening of the Strait of Hormuz. Prices have not yet stabilized to pre-war levels, which saw oil selling at the $65 to $75 per barrel range.
While speaking to reporters at the G7 Summit in France on Wednesday, Trump celebrated the progress that has been made with Iran and cited rising stock prices as proof that negotiations are on the right track.
President Donald Trump waves before boarding Air Force One just hours after hosting a UFC fight on the White House South Lawn. (Anna Moneymaker / Getty Images)
JD VANCE REVEALS DETAILS OF US-IRAN DEAL, ADDRESSES WHETHER TAXPAYER MONEY WILL GO TO TEHRAN
"We have a very hot stock market, and we have a very starting to be a very low oil price," he said during a bilateral meeting at the G7 with Egypt. "And I think oil prices might get lower than where they were before the war."
Trump also said he expects the Strait of Hormuz to be opened "in full" within two days under the deal.
Tankers are seen at the Khor Fakkan Container Terminal, the only natural deep-sea port in the region and one of the major container ports in the Sharjah Emirate, along the Strait of Hormuz, a waterway through which one-fifth of global oil output pass (Giuseppe Cacace/AFP via Getty Images / Getty Images)
The terms of the agreement are still murky, and Trump has called certain details of a leaked memorandum of understanding between the U.S. and Iran "false."
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Specifically, Trump said the U.S. will not contribute to a $300 billion fund that would go toward developing Iran’s economy.
"No, we're not investing. We're not putting up $0.10. And, people can decide to do that, but that's up to them. I mean, do you want me to say nobody's ever allowed to invest in in a country?" Trump told Fox News’ Peter Doocy.
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