President Trump indicated the U.S. was close to a deal in which Iran agrees to forgo nuclear weapons, sparking a selloff in oil prices. "You probably read today the story about Iran has sort of agreed to the terms,

The prospect of a nuclear deal between the U.S. and Iran contributed to the biggest daily drop in oil prices so far this month. But the deal, and a subsequent lift in global oil supplies, are not a sure thing.

Oil prices settled lower on Thursday on expectations for a U.S.-Iran nuclear deal that could result in sanctions being eased and more barrels released onto the global market.