Oil prices swing sharply after Trump's comments on Iran

Oil prices dropped significantly, with one report noting a 14% slump, after President Donald Trump said he was backing away from threats against Iran and that talks were underway. This reversed a previous surge in prices that had occurred when Trump had earlier threatened Iran's oil infrastructure.

The market reaction was immediate and volatile, with traders placing large bets around the time of Trump's statements. The shift in rhetoric from threats of escalation to talk of negotiations caused a major reset in oil trading.