Live Update 
From the Liveblog of
Thursday, May 15, 2025
From the Liveblog of
Thursday, May 15, 2025
Oil prices tumble after Trump says Iran nuclear deal may be close
US President Donald Trump attends a breakfast with business leaders in Doha on May 15, 2025. (Brendan SMIALOWSKI / AFP)
Oil prices tumble as President Donald Trump says the United States is close to making a deal on Iran’s nuclear program, which could pave the way for increased crude supplies.
“Traders focused on the prospect of a US/Iran nuclear deal which could see economic sanctions lifted on the latter and potentially lead to greater supplies of oil,” notes Russ Mould, investment director at AJ Bell.
Both main crude contracts plunge around 3.5 percent in value on hopes that US sanctions on Iran may be lifted as part of the deal, which could, in turn, increase the Islamic Republic’s oil exports.
Share prices of British energy giants BP and Shell slump in London on signs of progress on a deal.
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