Oil prices fell to a two-month low at one point, and Trump said the US and Iran are close to reaching an agreement.

After the US military strikes raised doubts about progress towards ending the war, Trump said that a peace agreement with Iran could be signed as early as this weekend, causing oil prices to drop to a two-month low. WTI crude oil prices fell nearly 3% to $85.13 per barrel at one point, hitting their lowest level since April 17 before recovering some of the losses. Trump had previously vowed to strike Iran again and threatened to seize its oil infrastructure, but later announced the cancellation of the attack and said an agreement was close to being reached, although Tehran has not confirmed this. The US president had previously claimed dozens of times to be close to reaching an agreement with Iran, but so far no agreement has been reached. The conflict has nearly closed the Strait of Hormuz, cutting off key supplies of crude oil, fuel, and natural gas to global customers, while also exacerbating inflation.