Oil slipped over 3 percent as President Trump and Secretary of State Mike Pompeo both signaled potential progress with U.S. – Iranian relations in the Middle East Opens a New Window. .
“We will work with them in any way we can, but they can’t have a nuclear weapon,” Trump said in a Cabinet meeting. “They can’t be testing ballistic missiles.”
Pompeo, who also attended the Cabinet meeting, echoed the sentiment, saying, “Iranians, for the first time, are saying they are willing to negotiate their missile program.”
The headlines pushed U.S. crude down to the $57 per barrel level, while the global benchmark Brent is hovering around $64 per barrel.