Oil slips to two-week low as U.S. and Iran seen moving closer to deal
Oil prices have dropped to two-week lows as optimism grows for a potential peace deal between the U.S. and Iran. Despite this optimism, key issues remain unresolved, leading to cautious market reactions. Analysts predict that normal oil flows through the Strait of Hormuz will take months to resume due to ongoing repairs.
- ▪Oil prices fell more than 4% on Monday, reaching two-week lows.
- ▪U.S. President Donald Trump indicated that the U.S. and Iran had largely negotiated a peace deal, but key issues remain unresolved.
- ▪Analysts expect a return to normal oil flows through the Strait of Hormuz will take months due to damaged facilities.
Opening excerpt (first ~120 words) tap to expand
ShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountOil prices fell more than 4% 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 were down USUS$4.44, or 4.3%, to USUS$99.10 a barrel at 4:22 a.m. ET, while U.S. West Texas Intermediate futures were at USUS$92.24 a barrel, down USUS$4.36, or 4.5%. Both contracts touched their lowest since May 7 earlier in the session.On Saturday, U.S.
…
Excerpt limited to ~120 words for fair-use compliance. The full article is at The Globe and Mail.
Discussion
0 commentsMore from The Globe and Mail
