The Globe and Mail reports in its Thursday edition that oil prices dropped around 6 per cent on Wednesday after President Donald Trump said U.S.-Iran negotiations were nearing completion. A Reuters dispatch to The Globe reports that Brent crude futures settled at down 5.63 per cent or $6.26 at $105.02 a barrel and West Texas Intermediate futures were down 5.89, or 5.66 per cent, at $98.26 (all figures U.S.). Mr. Trump announced that negotiations with Iran were nearing completion but cautioned of more attacks if no deal was reached. Iranian Foreign Ministry spokesman Esmaeil Baghaei said that Iran was prepared to establish protocols for safe shipping with other coastal states, though details were not provided. Some market participants and analysts remained cautious about negotiations and continuing global supply tightness, even if a U.S.-Iran deal is reached. Again Capital partner John Kilduff says, "You've got to take all these pronouncements with a grain of salt these days, but the market was also quick to reward it and price in the hope of a resolution." Citi analysts expect Brent crude to rise to $120 a barrel in the near term, saying oil markets are underpricing the risk of prolonged supply disruption.