Oil prices fell about 5% to two-week lows on Monday as optimism grew that the United States and Iran were moving closer to a peace deal that would reopen the Strait of Hormuz, even though Washington and Tehran played down hopes for an imminent breakthrough.

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.

Oil prices dipped to two-week lows as U.S.-Iran peace talks showed progress, potentially reopening the vital Strait of Hormuz. Despite optimism, significant hurdles remain, with…

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