President Donald Trump said US-Iran talks in Qatar were making progress, sending oil lower and lifting market bets on a longer ceasefire.
Key Points:
- Trump said Iran’s denuclearization was “moving along well” after meetings tied to talks in Qatar.
- WTI crude fell below $70 as traders priced in lower risk around the Strait of Hormuz.
- Polymarket odds put the chance of extending the 60-day negotiation period at 62%.
Trump Iran Talks
Trump said Wednesday that relations with Iran had improved and that recent meetings in Qatar had gone well. “The denuclearization of Iran is moving along well,” he told reporters, adding, “They’ve had very good meetings, and we’ll see.”
The talks are centered on the next stage of a fragile diplomatic process after the US and Iran entered a 60-day window for negotiations. The discussions include efforts to preserve a ceasefire and address shipping through the Strait of Hormuz, a key oil route.
US representative Jared Kushner and envoy Steve Witkoff were in Qatar for meetings with regional officials, while Qatar and Pakistan acted as mediators. Iran and Oman had also formed a joint committee to discuss Hormuz and ceasefire issues.
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Polymarket Ceasefire
Markets reacted quickly to the diplomatic signals. WTI crude dropped more than 2% and closed below $70, easing from levels reached during the latest US-Iran tensions.
Gold also drew attention after adding more than $74 billion in market value in a single day. Crypto moved higher as altcoins led gains, though analysts warned that negotiations still carried headline risk.
Polymarket priced the chance of extending the US-Iran 60-day negotiation period at 62%. That figure showed traders leaning toward a longer diplomatic process, but it did not make a deal certain. Trump’s “we’ll see” comment captured the market’s caution. If the Qatar talks produce a concrete agreement, the repricing could continue, but a failed round or expired deadline could quickly reverse the move.
The Strait of Hormuz remains central to the talks because it is one of the world’s most important energy chokepoints. Recent tensions around the waterway pushed oil risk higher, so any credible sign of de-escalation can move crude prices fast.
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