Oil prices fell sharply at the start of futures trading on Sunday after President Trump said the US and Iran were close to a framework agreement that could restart peace talks and reopen the Strait of Hormuz, a key route for global energy shipments. Brent crude dropped 4.6% to $98.8 per barrel, while US benchmark WTI crude fell 4.7% to $92 per barrel.

Trump said on Saturday that a deal involving the US, Iran, and several other countries was nearing completion, though final details were still being negotiated. However, on Sunday he signaled that Washington would not rush into an agreement, adding that time was “on our side.” Bloomberg also reported that US officials are not yet ready to finalize a deal.