Oil Prices Fluctuate Following Trump's Iran Deal Comments

Why it matters locally: As a leading oil-producing state, North Dakota's economy and its key industry are highly sensitive to global oil price fluctuations. A potential resolution with Iran could significantly impact future oil supplies and, consequently, global and local market prices.

NEW YORK — Crude oil prices reversed earlier declines Tuesday after President Donald Trump indicated he believed a resolution with Iran could occur following the upcoming midterm elections. Earlier in the day, oil markets had experienced significant drops. However, prices began to recover after President Trump's comments became public. He stated, "I believe I can reach a deal with Iran to end the war after the midterms." The statement introduced a new variable into market calculations regarding potential future oil supplies from Iran.