Oil prices dropped sharply following President Donald Trump's remarks that U.S.-Iran peace negotiations are nearing completion.
On May 20, Brent crude futures for July delivery fell 5.63% to settle at $105.02 per barrel on the ICE Futures Exchange.
Meanwhile, West Texas Intermediate (WTI) crude futures for July delivery closed down 5.66% at $98.26 per barrel on the New York Mercantile Exchange.
The decline in oil prices is attributed to Trump's statement indicating that the U.S.-Iran negotiations are in the "final stages."
During a press briefing, Trump confirmed that the negotiations with Iran are progressing toward a conclusion but warned of potential further military action if Iran does not agree to the terms.
Iran's Foreign Ministry spokesperson, Esmail Baghaei, also acknowledged receipt of a proposal from the U.S., stating in an interview with state television, "We have received the U.S. perspective and are currently reviewing it closely."
Baghaei added that the visit of Pakistan's Interior Minister to Tehran is intended to facilitate communication between the two countries.
Earlier, Iran's state news agency IRNA reported that Interior Minister Mohsin Naqvi visited Iran again on May 20, following a previous visit on May 16.
Baghaei outlined key prerequisites for dialogue aimed at ending the conflict, including the release of frozen overseas assets and the cessation of U.S. maritime blockades.
He emphasized, "At this stage, we are focused on ending the war on all fronts, including Lebanon. Our demands are clear: the release of Iran's frozen assets, issues related to piracy, and actions targeting Iranian shipping have been clearly stated from the beginning."
Furthermore, Baghaei asserted, "Iran has participated in the dialogue with complete goodwill and sincerity, and the other party must also demonstrate sincerity."
He concluded, "If this process proceeds based on Iran's legitimate demands, we can say diplomacy has succeeded; however, if unjust demands continue, we will obviously not succeed."
* This article has been translated by AI.
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