International oil prices fall 5% on progress in U.S.-Iran talks

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[Financial News]  International oil prices plunged by about 5% on the 24th local time after U.S. President Donald Trump said talks with Iran on reopening the Strait of Hormuz were making progress.
According to CNBC, at 7:13 p.m. that day in New York, or 8:13 a.m. on the 25th in Korea, West Texas Intermediate crude oil (WTI) futures on the New York Mercantile Exchange were trading at $91.65 per barrel, down about 5% from the previous session. Brent crude oil futures, the global benchmark, also fell about 5% to $98.30 per barrel.
On his social media account that day, President Donald Trump said, "Negotiations with Iran are proceeding in an orderly and constructive manner," adding, "Since time is on our side, I have instructed our delegation not to rush a deal."
He had also said a day earlier that a deal with Iran, including the reopening of the Strait of Hormuz, had been largely worked out and would be announced soon. Trump has previously suggested that tensions with Iran were close to being resolved, only for them to flare up again and send oil prices soaring.
However, oil prices had already turned lower after USFK abruptly canceled plans for airstrikes on Iran and said it would buy time for negotiations. Last week, U.S. crude fell more than 8%, while Brent crude dropped more than 5%.
jjyoon@fnnews.com Yoon Jae-jun Reporter