Brent Crude fell by over five per cent on Monday on news of progress between Iran and the US in peace negotiations.

Oil prices turned to a gain Friday after Iran poured cold water on growing market hopes for a near-term agreement with the United States

Trump had said an agreement with Iran to open the Strait of Hormuz, among other issues, was largely negotiated and would be announced soon.

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

Oil prices slid on optimism that the US and Iran were moving closer towards a peace deal, even though they remained at odds over key issues.

The strait – which links the region to world markets – has been subject to a double blockade, with curbs imposed by both Iran and the US.

The Secretary of State, however, warned that the U.S. will “deal with it another way” if diplomatic means to end the conflict fail.

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…

Brent crude dropped as much as 5.1 per cent to US$98.22 a barrel. Read more at straitstimes.com. Read more at straitstimes.com.

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

As the US and Iran inch closer to a peace deal, oil prices have plummeted, impacting global markets and investor sentiment.

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

Analysts urge caution as US and Iran remain divided on key issues

Oil prices slipped more than $5 to two-week lows on Monday, as optimism grew that the United States and Iran were moving closer to a peace deal,...

Oil prices slipped nearly 6% to two-week lows on Monday, as optimism grew that the United States and Iran were moving closer to a peace deal, even...

Brent Crude fell by over five per cent on Monday on news of progress between Iran and the US in peace negotiations.