Oil drops again after report says Trump backed Iraqi peace push

In his 60 Minutes appearance that aired on Sunday, Trump appeared to be seeking a more centrist stance rather than doubling down on contentious conflicts. He indicated he was unlikely to strike Iran again, which put pressure on oil markets at the start of trading.

Oil is now facing additional downward pressure following an Al Hadath report claiming Iraq presented Trump with peace proposals and that Trump voiced his support during a phone call. According to the report, Trump asked the Iraqi prime minister to relay the proposals to Tehran and to serve as a mediator.

The report sent oil sliding by more than $1 almost immediately, while S&P 500 futures climbed to session highs, gaining 0.75%. The US dollar is facing widespread selling pressure today, and that trend is likely to continue if progress is made on ending the conflict.

An earlier report indicated Iran had abandoned its demand to control the Strait of Hormuz and collect tolls, but a Qatari official has now denied that, which could slow the sell-off in oil.