Oil prices fall to two-week lows on hopes of US-Iran Hormuz deal
Key takeaways
- Add ARY News on Google AAResize Oil prices fell to two-week lows and Asian stocks climbed on Monday over hopes a deal between the United States and Iran to open the Strait of Hormuz could be brokered.
- Brent crude futures fell $4.71, or 4.55%, to $98.83 a barrel by 2234 GMT, while US West Texas Intermediate was at $92.03 a barrel, down $4.57, or 4.73%.
- The United States and Iran appear closer than ever to a deal that would end the war that has ravaged the Middle East since late February, sending energy prices soaring and stoking global inflation.
Why this matters: local context for readers following news across Pakistan and the region.
Add ARY News on Google AAResize Oil prices fell to two-week lows and Asian stocks climbed on Monday over hopes a deal between the United States and Iran to open the Strait of Hormuz could be brokered.
Oil prices plummeted on optimism that the US and Iran were moving closer towards a peace deal even though they remained at odds over key issues, including blockades on the strait of Hormuz that continue to restrict oil supply from the Middle East.
Brent crude futures fell $4.71, or 4.55%, to $98.83 a barrel by 2234 GMT, while US West Texas Intermediate was at $92.03 a barrel, down $4.57, or 4.73%. Both contracts touched their lowest points since 7 May earlier in the session.