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,

A price drop benefits any country seeking to cut its fuel bill. But in oil producing nations, lower prices can feed economic troubles, and sometimes political unrest, as governments slash spending.

Most Gulf stock markets were unchanged at close on Wednesday after oil prices fell as investors looked for data about U.S. crude inventories amid worries of rising supply while stocks globally were steady as trade tensions seemed to ease.