Crude oil futures drop after Trump promises an Iran deal will be signed Friday

A ship remains anchored on May 16, 2026 in the Strait of Hormuz near Larak Island, Iran. Majid Saeedi/Getty Images Europe hide caption toggle caption Majid Saeedi/Getty Images Europe Stay up to date with our Up First newsletter, sent every weekday morning. Crude oil prices sank on Sunday night after President Trump posted on social media that a deal to end the war with Iran was "complete." Oil futures markets promptly dropped 4%, after markets reopened for trading following their typical …