Oil erases losses after Trump says Iran war could be settled after midterms

Oil prices erased sharp drops from earlier Tuesday after President Donald Trump said at the United Nations that he believes he can reach a deal with Iran to end the war after November’s midterm elections.

Earlier on Tuesday, U.S. crude oil had fallen as much as 3.5% to as low as $92.40 per barrel, while Brent oil had fallen 3% to as low as $97.43.

But after the president’s speech, those drops were largely erased. By the time Trump finished, U.S. crude oil was trading around $96 and Brent had briefly turned positive and rose above $100 per barrel again.

“I believe we will make a deal right after the election because it does not make sense for them not to,” he told the United Nations General Assembly. “Oil prices will come plummeting down, even lower than they were at the start of the conflict.”

Experts doubt that. At the beginning of the month, multiple Wall Street commodities analysts warned that oil prices could rise to $120 or even $150 per barrel if the Iran war drags on and more energy infrastructure is damaged.

Still, oil prices are being held down from surging even further by reports earlier Tuesday that…

Original source: https://www.nbcnews.com/world