On Wednesday, President Donald Trump’s upbeat assessment of U.S.-Iran negotiations weighed on oil prices and shaped global market sentiment, even as Asian equities tumbled sharply.
Oil, Dow Futures Dip, KOSPI Tumbles
Dow futures fell 43.00 points, or 0.08%, to 52,625.00, while S&P 500 futures gained 4.75 points, or 0.06%, to 7,548.25 and Nasdaq 100 futures climbed 93.00 points, or 0.31%, to 30,187.25 as of around 9:18 p.m. EDT.
In commodities, WTI crude oil fell 1.17% to $67.78 per barrel, while Brent crude declined 0.99% to $70.86 per barrel. Natural gas futures slipped 0.78% to $3.195 per MMBtu.
Meanwhile, the U.S. dollar index, which tracks the greenback against a basket of currencies, stood at 101.402, little changed on the day.
Asian markets were lower, with South Korea’s KOSPI falling 5.15% to 7,875.59, while Japan’s Nikkei 225 declined 1.64% to 69,318.16.
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Trump’s Iran Comments Push Oil Prices Lower
Trump said negotiations aimed at easing tensions with Iran were progressing positively, raising hopes that disruptions to global crude supplies could be avoided, reported CNBC.
“As far as things are going, the denuclearization of Iran is moving along well,” Trump told reporters. “They’ve had very good meetings and we’ll see.”
The remarks came as Trump’s son-in-law Jared Kushner and U.S. special envoy Steve Witkoff arrived in Doha, Qatar, for indirect talks with Iranian officials through Qatari mediators.
A Qatari government spokesperson said the U.S. delegation was not meeting directly with Iranian representatives.
Markets Watch US-Iran Diplomacy
Despite Trump’s optimism, Tehran on Tuesday reportedly declined direct negotiations with U.S. envoys.
The diplomatic effort follows renewed military exchanges over the weekend that briefly threatened a 60-day truce between Washington and Tehran.
Iran reportedly targeted two commercial vessels, prompting U.S. retaliatory strikes.
The two countries had signed a 14-point memorandum of understanding on June 17 aimed at reducing hostilities and safeguarding energy shipments through the Strait of Hormuz, a strategic waterway that carries roughly 20% of the world’s oil trade.
Adding to concerns, Iranian state media reported that a foreign container ship ran aground in the Strait of Hormuz after traveling through a route not approved by Tehran, although no disruption to oil flows was reported.
Qatar Reports ‘Positive Progress’ As Asian Markets Slide
Qatar said separate indirect meetings between U.S. and Iranian negotiators in Doha made “positive progress” on issues related to the memorandum of understanding.
Foreign Ministry spokesperson Majed al-Ansari said on X that the discussions built on a previous high-level meeting in Switzerland, with both sides agreeing to resume talks “at the earliest possible time” following funeral ceremonies for Iran’s former supreme leader.
اختتم الوسطاء القطريون والباكستانيون اليوم في الدوحة اجتماعات منفصلة مع المفاوضين الأمريكيين والإيرانيين، حيث تم إحراز تقدم إيجابي بشأن القضايا المتعلقة بمذكرة التفاهم الموقعة في إسلام أباد، استنادًا إلى مخرجات قمة بحيرة لوسيرن. واتفقت الأطراف على مواصلة المناقشات خلال الفترة…
— د. ماجد محمد الأنصاري Dr. Majed Al Ansari (@majedalansari) July 1, 2026
Iran will hold funeral ceremonies for former Supreme Leader Ayatollah Ali Khamenei from July 4-9 across Iran and Iraq, months after he was killed in a Feb. 28 airstrike at the start of the U.S.-Israel war with Iran, CNN reported on Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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