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An Iranian national flag flies at the Persian Gulf Star Co. (PGSPC) gas condensate refinery in Bandar Abbas, Iran, on Jan. 9. 2019.
Ali Mohammadi | Bloomberg | Getty Images
Oil prices fell sharply on Thursday on expectations that the U.S. and Iran may soon reach a deal over Tehran's nuclear program.
International benchmark Brent crude futures with July expiry were last seen trading 3.7% lower at $63.65 a barrel, while U.S. West Texas Intermediate futures stood at $60.66, down nearly 4% for the session.
Speaking in Doha, Qatar during his Middle East trip, U.S. President Donald Trump said the U.S. was getting close to securing a nuclear deal with Iran. It is thought that an agreement could result in the lifting of economic sanctions on Tehran.
"We're in very serious negotiations with Iran for long-term peace," Trump said.
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