Oil-Price Surge Fails to Stoke US Energy-Sector Enthusiasm

Oil prices were falling early Friday, with Brent crude back below $100 a barrel on renewed hopes for peace talks between the U.S. and Iran in the coming days.

Brent crude initially jumped above the $100 level earlier after President Donald Trump said he wouldn’t be rushed to end the Iran war and that Americans should expect higher gas prices for “a little while.”

Brent crude futures BRN00 -0.06%

, the international benchmark, fell 0.3% to $99.06, while West Texas Intermediate
CL00 -0.49% futures were down 0.8% at $95.13.

The moves came after officials in Pakistan said they expected a second round of talks between the U.S. and Iran, Bloomberg reported. Iran’s Foreign Minister Abbas Araghchi is even expected to be in Islamabad tonight, the BBC reported, citing Pakistan government sources.

“I took out the country militarily in the first four weeks,” Trump told reporters in the Oval Office Thursday. “Now all we’re doing is sitting back and seeing what deal. And if they don’t want to make a deal, then I’ll finish it up militarily,” he added.

“I don’t want to rush myself,” Trump said.

He later said that Americans will have to pay more for gasoline for a “little while,” but that in return they would get Iran without a nuclear weapon.