United States Oil Fund (USO)

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$USO Oil -4% after Pompeo says Iran ready to negotiate on nuclear program

Crude oil futures plunge following reports that Secretary of State Pompeo told a Cabinet meeting at the White House that Iran is ready to enter negotiations over its missile program; WTI -4% to $57.19/bbl, Brent -3.7% to $64.00/bbl.

No further context was offered, but an actual willingness to negotiate could turn down the geopolitical temperature that has helped boost prices of late.

Oil prices already ticked lower after Pres. Trump said the U.S. has a "long way to go" with China on trade and as U.S. oil companies begin restoring production that was shut at platforms in the Gulf of Mexico because of Hurricane Barry.