Oil prices fell to their lowest levels in two weeks on Monday, driven by optimism that the United States and Iran are moving closer to a peace agreement, despite ongoing disagreements over key issues.
اضافة اعلان
One of the main points of contention between the two sides remains the blockade of the Strait of Hormuz, which continues to restrict oil supplies coming from the Middle East.
Brent crude futures fell by $4.71, or 4.55%, to $98.83 per barrel by 22:34 GMT, while U.S. West Texas Intermediate (WTI) crude dropped to $92.03 per barrel, down $4.57, or 4.73%.
Both benchmark contracts had earlier fallen to their lowest levels since May 7.
U.S. President Donald Trump said that Washington and Tehran had completed “a substantial amount of negotiation” on a memorandum of understanding for a peace agreement that would reopen the Strait of Hormuz, which, before the conflict, carried one in every five global shipments of oil and liquefied natural gas.
Reuters
