Oil prices fell Friday after President Donald Trump said he is meeting in the White House Situation Room to make a final determination about an agreement with Iran.
U.S. West Texas Intermediate oil prices were down more than 2% at $86.73 per barrel by 11:16 a.m. ET. Brent crude prices, the international benchmark, also fell more than 2% to $91.61 per barrel.
“I will be meeting now, in the Situation Room, to make a final determination,” Trump said in a social media post.
Crude prices have fallen more than 17% this month as the market holds out hope that the U.S. and Iran will reach some sort of deal. But Trump laid out a series of demands Friday that Iran has been unwilling to agree to in the past.
Tehran must agree they will never have a nuclear weapon, the U.S. president said. They must immediately open the Strait of Hormuz to unrestricted traffic in both directions without tolls, he said. They must also agree to remove any remaining mines in Hormuz, he said.
And they must agree to allow the U.S. to unearth and destroy their enriched uranium which is buried under rubble from U.S. and Israeli attacks last year, Trump said.
U.S. officials told CNBC Thursday that negotiators hammered out a 60-day memorandum of understanding, or MOU, to extend the ceasefire and start talks on Iran’s nuclear program. Trump still has to sign off on the MOU, the officials said. Axios first reported the news of a MOU.
