Oil prices fell sharply as traders priced in growing hopes that a U.S.-Iran deal could reopen the Strait of Hormuz and ease the global supply shock.

Oil prices rose as traders grew skeptical that U.S.-Iran talks would quickly reopen the Strait of Hormuz and ease the global supply shock.

Global crude benchmark Brent fell as much as 5.2% to $98.12 a barrel, while West Texas Intermediate was near $92.

Oil prices have dropped significantly as markets react to potential peace talks between the United States and Iran. Asian stock markets saw early gains on Monday. President Donald…

Crude oil futures dip amid cautious market response to US-Iran deal negotiations, signaling potential impact on global oil supply.

Crude falls nearly 6% while Trump says Strait of Hormuz blockade will stay in place until agreement finalised