Trump: U.S.-Iran deal ‘largely negotiated’; Brent < $99

President Donald Trump said a U.S.-Iran deal to reopen the Strait of Hormuz is “largely negotiated.” Brent crude slipped below $99 on weekend trading, while bitcoin held near $77,000 as U.S. financial markets were closed for Memorial Day.

Brent futures fell about 4.9% in weekend CFD trading to roughly $98.87 on May 24, extending a pullback from Friday’s settlement near $103. The West Texas Intermediate July contract closed Friday at $97.00, with indications pointing lower over the holiday.

Trump listed possible terms including a 60-day ceasefire extension, potential sanctions relief and deferred nuclear talks. He noted Iran had submitted revised proposals. Regional actors, including Saudi Arabia and the United Arab Emirates, are reported to be involved in the negotiations.

The Strait of Hormuz carries about 20% of global oil trade. Since fighting escalated in late February, Iranian restrictions and U.S. naval actions have at times cut off more than 10 million barrels per day. Previous rounds of ceasefire signals removed a risk premium from prices in single sessions.

Market participants say a confirmed reopening would alter the supply picture quickly, while a breakdown in talks would restore the risk premium. Analysts note infrastructure repairs and shipping logistics could delay full restoration of flows by weeks or months.

The futures curve showed traders pricing in an eventual return of flow: August Brent traded near $99.50 and September near $96.00, with later months declining. JPMorgan analysts projected Brent could average $60 over the longer term if tensions ease and surpluses develop later in 2026; other forecasters see second-quarter averages closer to $90–$100 depending on disruption timelines.

Cryptocurrency markets remained open over the U.S. holiday. Bitcoin traded in a narrow range between about $76,700 and $77,200, with Ethereum and other tokens moving in line and trading volumes light. With the New York Stock Exchange, U.S. Treasury markets and CME energy futures closed on May 25, market participants expect developments to be absorbed when U.S. trading resumes on May 26.

Traders expect oil’s near-term direction to be driven by diplomatic developments and the pace of restoring shipments through the strait, and they are watching for formal statements or confirmations after the holiday.