Ammon News - Oil prices fell 6% ​to two-week lows on Monday, as optimism grew that the United States and Iran ‌were moving closer to a peace deal, even though they remain at odds over key issues, such as blockades on the Strait of Hormuz.

Brent crude futures fell $5.85, or 5.7%, to $97.69 a barrel by 0343 GMT, while U.S. West ​Texas Intermediate were at $90.85 a barrel, down $5.75, or 6%. Both contracts touched their lowest ​since May 7 earlier in the session.

On Saturday, U.S. President Donald Trump said ⁠Washington and Iran had "largely negotiated" an understanding on a peace deal that would reopen the Strait ​of Hormuz, which had carried a fifth of global shipments of oil and liquefied natural gas ​before the conflict.

However, the two sides remain at odds on several difficult issues, with Trump ​saying on Sunday he had told his representatives not to rush into any deal with Iran.


Reuters