Oil Prices Experience Short-Term Decline as Trump Says He Is Engaged in "Positive Negotiations" with Iran

July 28th, the prices of WTI and Brent crude oil both experienced a short-term drop of over $0.5, currently at $82.28 per barrel and $86.45 per barrel, respectively.

On the news front, U.S. President Trump stated to reporters on Monday while en route to Michigan aboard Air Force One that the U.S. is currently engaged in "good negotiations" with Iran. Trump said he has "plenty of time" to deal with the Iran issue.

When asked about the possibility of reaching an agreement with Iran, he said: "Something very positive could happen." Furthermore, he mentioned that he will ask Russia whether they are willing to provide satellite images to assist with Iran's issue. Trump stated that once the war is over, you will see a significant drop in prices.