Oil closes down more than 5% after Trump's comments

Oil drilling rigs

Oil prices fell sharply at the close of trading on May 20, after Trump said that negotiations with Iran had reached their final stages. Investors, however, are cautious about the actual outcome of the peace talks as energy supplies remain disrupted.

On the Iranian side, Foreign Ministry spokesman Esmail Baghaei announced that Tehran is ready to develop protocols to ensure the security of navigation in the Strait of Hormuz in cooperation with the coastal states, and stressed that indirect negotiations with America are still ongoing.

In a related context, three giant tankers carrying about six million barrels of crude oil destined for Asian markets crossed the Strait of Hormuz after waiting for more than two months in the Gulf.

Oil prices received partial support from data released by the US Energy Information Administration, which showed that US crude inventories fell by 7.9 million barrels last week, a draw that far exceeded expectations.

*Settlement on May 20.