Oil prices tumble over 3% amid Trump's statements on Iran

Oil prices have slid more than 3% amid growing expectations of a deal between Iran and the US, Report informs via Interfax.

US President Donald Trump announced on Thursday in Doha that Washington and Tehran are close to an agreement.

According to information as of 15:10 (GMT+4), the price of July futures for Brent crude oil on the London ICE Futures exchange was $63.83 per barrel, which is $2.26 (3.42%) less than the figure recorded at the close of the previous trading session.

During electronic trading operations at the New York Mercantile Exchange (NYMEX), June futures for WTI crude oil fell by $2.23 (3.53%) to $60.92 per barrel.

"In less than 24 hours, the narrative has shifted from the US imposing new sanctions on Iran to increasing expectations of diplomatic progress. The conclusion of an agreement will dramatically increase the likelihood that the oil market will face a significant supply surplus for the rest of this year," believes Arne Lohmann, Chief Analyst at A/S Global Risk Management.