U.S. crude oil falls below $100 per barrel after Trump says Iran talks in final stages

Key points

• A US flag flutters in the wind as the CHIOS crude oil tanker sits anchored off the coast of the Chevron's El Segundo Refinery in El Segundo, California on March 4, 2026. U.S.
• crude oil prices fell below $100 per barrel on Wednesday after President Donald Trump said talks with Iran are in the final stages.
• West Texas Intermediate futures fell more than 5% to close at $98.26 per barrel.
• International benchmark Brent futures also lost more than 5% to settle at $105.02 per barrel.
• Trump said earlier this week that he called off renewed military strikes against Iran to give more time for diplomacy at the request of Gulf Arab allies.