U.S. oil prices fall as Trump hails US‑Iran talks

President Donald Trump said that indirect talks between the United States and Iran in Qatar were progressing well, linking the diplomatic progress to a swift return of low gasoline prices in the United States. The comments came as the United States marked the 250th anniversary of its independence and highlighted a private fuel‑network’s pledge to cut prices at 25 stations in the Philadelphia area.

Market analysts said the upbeat diplomatic tone reduced perceived risk to crude shipments through the Strait of Hormuz, pushing Brent crude down to about $71 a barrel and U.S. West Texas Intermediate to roughly $68 a barrel. The price decline followed a series of drops after Qatar reported “positive progress” in the talks, with futures slipping by roughly 1 % on the day of Trump’s remarks. The lower risk premium on Middle‑East oil flows was reflected across Asian equity markets, which remained cautious but noted the easing of geopolitical tension.

The combined narrative of Trump’s domestic fuel‑price promises and the perceived easing of Middle‑East supply risks underpinned the recent oil‑price retreat.