Oil prices drop 3% then bounce back as Trump hints at nuclear deal with Iran

From Yahoo Finance: 2025-05-15 11:14:00

Oil prices dropped over 3% before bouncing back as President Trump hinted at a possible nuclear deal with Iran, potentially increasing global crude supply. West Texas Intermediate fell to just above $61 per barrel, while Brent crude dropped to around $64.40. Iran, an OPEC member, produces over 3 million barrels per day. CIBC Private Wealth estimates oil supply could rise by 200,000 to 400,000 barrels per day if a deal is reached. Despite this, analysts warn of downside risks to oil prices if OPEC+ increases output as planned.



Read more at Yahoo Finance: Oil prices tumble as Trump hints that US near nuclear deal with Iran