Trump says US-Iran negotiations have entered "final stage," international oil prices plummet.

After President Trump of the United States said that negotiations between the US and Iran had entered the "final stage," international oil prices fell sharply on Wednesday, with US oil prices falling below $100 per barrel again. The US WTI crude oil futures fell more than 5%, closing at $98.26 per barrel, while international benchmark Brent crude oil futures also fell by over 5%, closing at $105.02 per barrel. On Wednesday, Trump told reporters that negotiations between the US government and Iran had entered the "final stage." Previously, Trump had stated that, at the request of Gulf Arab allies, the US had paused a new military strike against Iran to give more time for diplomatic negotiations. However, the market remains highly cautious about the US-Iran situation. In recent weeks, Iran and the US have been at an impasse. Currently, Iran is still blocking the Strait of Hormuz, while the US continues to block Iranian ports. The Strait of Hormuz is one of the world's most important oil and natural gas transportation routes, with about one-fifth of global oil trade passing through it. Despite the drop in oil prices due to negotiation news, the market remains concerned about the long-term risk of disruption in the Strait of Hormuz. Citigroup warned on Tuesday that the market may be underestimating the supply risks of a prolonged closure of the Strait of Hormuz. The bank expects Brent crude to rise to $120 per barrel in the short term. Citigroup analysts stated: "We believe that the likelihood of continued disruptions in the transportation of the Strait of Hormuz by Iran is increasing." Meanwhile, energy consultancy firm Wood Mackenzie released a report on Wednesday stating that in the most extreme scenario, if the Strait of Hormuz remains closed until the end of this year, international oil prices could even reach close to $200 per barrel. However, the firm also pointed out that if the US and Iran can quickly reach a peaceful agreement and resume normal navigation in the Strait of Hormuz in June, oil prices could significantly drop. Wood Mackenzie predicts that in this scenario, by the end of 2026, Brent crude spot prices could fall to around $80 per barrel.