Oil slips to 2-week low as US-Iran talks continue, but no peace deal yet

Oil hits two-week low at $5 as US, Iran move closer to peace deal

Brent fell 4.9% to $98.45 on US-Iran deal hopes to reopen the Strait of Hormuz, which handles 20% of global oil and LNG. Markets stay cautious — restored flows take months, keeping energy cost volatility high for cloud and data center infrastructure budgets.