Published May 21, 2026 Updated about 2 hours ago NEW YORK: Oil prices fell about 6 percent on Wednesday after US President Donald Trump said that negotiations with Iran were in the final stages, although investors remained wary about the outcome of peace talks as disruption to Middle Eastern supply continued. Brent crude futures settled USD6.26, or 5.63 percent, lower at USD105.02 a barrel and US West Texas Intermediate futures were down USD5.89, or 5.66 percent, at USD98.26. Trump said negotiations with Iran were in the final stages but warned of further attacks unless Iran agreed to a deal. Iranian foreign ministry spokesperson Esmaeil Baghaei said Iran was ready to develop protocols for safe shipping traffic in cooperation with other coastal states, without providing further details. Despite signs of progress, some market participants and analysts remained wary about the outcome of negotiations and global supply tightness that will likely persist even if the US and Iran reach a deal. “You’ve got to take all these pronouncements with a grain of salt these days, but the market was also quick to reward it and price in the hope of a resolution,” said John Kilduff, partner at Again Capital. Analysts at Citi said on Tuesday that they expect Brent crude to rise to USD120 a barrel in the near term, stating that oil markets are underpricing the risk of prolonged supply disruption, and Wood Mackenzie estimated that it could approach $200 if the Strait of Hormuz stays largely shut until the end of the year. Similarly, PVM analysts said global oil stocks could reach critically low levels. “Yet, as observed lately, market players are comparatively nonchalant (or…