Oil prices plunged by more than 5 percent after US President Donald Trump attempted to calm markets by expressing optimism about ongoing negotiations with Iran, The Caspian Post reports, citing Al Jazeera.

Brent crude prices fell to $105.70 per barrel as investors reacted to comments suggesting possible progress in efforts to ease tensions in the Middle East.

Speaking on Wednesday, Trump said talks with Iran were in “the final stages,” raising hopes of a potential breakthrough that could help stabilize the region and global energy markets.

At the same time, the US president warned that additional attacks could follow if Tehran fails to agree to a peace deal, underscoring the fragile nature of the negotiations despite the optimistic tone surrounding the discussions.