Oil prices dropped as the United States and Iran moved closer to reaching a deal. President Donald Trump stated that negotiations with Iran are proceeding in an orderly and constructive manner.
Trump indicated that an agreement covering the opening of the Strait of Hormuz, among other issues, has been largely negotiated and will be announced soon.
On Saturday, Trump confirmed that the deal would include the reopening of the Strait of Hormuz, although he did not provide further details. He noted that Washington's blockade of the strait would remain in place until the agreement is completed.