Oil prices fell 6% on expectations of a peace deal between the US and Iran

Oil prices fell 6% on Monday, Ma. 25, hitting a two-week low amid growing optimism that the U.S. and Iran are close to a peace deal, Reuters writes.

Brent crude futures for July delivery fell 5.7% to $97.69 per barrel, while U.S. West Texas Intermediate (WTI) crude traded at $90.9 per barrel, losing 6%. Earlier in the session, both contracts hit their lowest levels since Ma 7.

A deal to end the war between the US and Iran has been largely agreed, US President Donald Trump said on May 23. According to him, the deal will include the unblocking of the Strait of Hormuz, a key sea route for oil supplies from the Persian Gulf countries.

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