Oil prices swing as Trump changes stance on Iran conflict

Oil prices have been moving sharply based on statements from President Donald Trump about Iran. Prices rose when he issued an ultimatum and Iran threatened to close the Strait of Hormuz, a major shipping route. They then fell when he later signaled productive talks and postponed a deadline, causing a market rally and an 8% drop in oil at one point.

This created volatility in financial markets, which reacted to each shift in his rhetoric about negotiations and military threats. The changes in Trump's position—from ultimatum to talk of diplomacy—directly led to swings in oil prices and broader market sentiment.