Oil prices slide to two-week lows amid hopes for US-Iran peace deal

Global oil markets fell sharply on renewed optimism surrounding possible diplomatic progress between the United States and Iran, despite unresolved disputes continuing to cloud negotiations. Brent crude futures dropped $4.71, or 4.55%, settling at $98.83 per barrel by 2234 GMT. Meanwhile, US West Texas Intermediate (WTI) crude declined by $4.57, or 4.73%, to $92.03 a barrel. Earlier in the trading session, both benchmark contracts touched their lowest levels since May 7. Investor sentiment improved after signs emerged that Washington and Tehran could be moving closer to an agreement, although several major sticking points remain unresolved. US President Donald Trump cautioned that negotiations were still far from finalized, saying the proposed arrangement remains incomplete. He remarked that no finalized version currently exists and dismissed criticism surrounding the discussions, arguing that opponents were speaking without full knowledge of the process. At the same time, Iranian officials indicated growing frustration with the negotiations, accusing the United States of stepping back from earlier commitments. The comments came shortly after Trump described the potential deal as “largely negotiated.” Further complications also emerged regarding regional security issues. According to a post shared on X by Hashem, the draft proposal reportedly contains a framework for a ceasefire in Lebanon. However, Israel is said to be lobbying Washington to include provisions allowing it to continue military operations in Lebanon against what it considers potential threats.