Oil price falls as Trump talks up Iran peace negotiations

Thursday, 26 March 2026 00:20 - - {{hitsCtrl.values.hits}}

US President Donald Trump

Oil prices fell yesterday after US President Donald Trump said negotiations to end the war were progressing, while Iran said “non-hostile” vessels could pass through the Strait of Hormuz.

Brent crude fell by 5% to just under $ 100 a barrel yesterday. However, Iran and Israel continue to exchange missile strikes across the Middle East, according to the BBC.

Trump said on Tuesday that talks to end the war were happening “now” and that the people the US were in discussions with “want to make a deal so badly” – a claim disputed by Iranian officials.

Tehran officials dismissed claims of such talks as “fake news,” with a Foreign Ministry spokesman saying on Tuesday that “no one can trust US diplomacy.”

The New York Times, Reuters news agency and Israel’s Channel 12 have reported that the US has handed over a 15-point plan to Iran, citing unnamed sources.

Channel 12 said the US’ demands included the Strait of Hormuz being opened and that it would be recognised as a free maritime zone.

It also detailed what Iran would receive if it accepted the plan, including the removal of sanctions, according to Channel 12.