‘In Trump we trust’: Why the oil market keeps believing him | CNN Business

When President Donald Trump called off a planned attack on Iran and agreed to return to the negotiating table for peace talks, oil prices plunged. “I agree to suspend the bombing and attack of Iran,” Trump said in a Truth Social post. “It is an Honor to have this Longterm problem close to resolution.” That was April 8, when Trump declared a ceasefire with Iran. Oil fell 13% that day. For the past five months, Trump has repeatedly reported significant progress in negotiations with Iran, leading him to call off planned military action against Iran, sending oil prices lower. It happened last week, too, when oil tumbled 20% over the course of three days after Trump paused plans to attack Iran. And it’s happening again today: Oil is sinking 5% after Trump called off a “massive attack” on the country and said negotiations would resume. By now, you’d think the oil market would have learned its lesson and stopped believing the President Who Cried Peace. But the oil market remains compelled by Trump’s narrative, exercising saint-like patience as deadlines come and go, negotiations ebb and flow and bombing starts and stops. “Great Progress has been made toward a Complete