Oil prices fell almost 6% to two-week lows on Monday due to growing optimism about a potential U.S.-Iran peace deal that could reopen the Strait of Hormuz. Despite cautious statements from both Washington and Tehran, the market reacted to the prospect of increased oil flows, though analysts expect a return to normal flows to take months.
Oil prices fell nearly 7% as US and Iran move closer to a peace deal affecting the Strait of Hormuz.
The potential peace deal between the US and Iran could significantly impact oil markets.
Oil tumbles nearly 7% as U.S. and Iran seen moving closer to dealOil prices fell nearly 7 per cent on Monday as optimism grew that the United States and Iran were moving closer to a peace deal that would reopen the Strait of Hormuz, even though Washington and Tehran played down hopes for an imminent breakthrough.
May 25, 2026 at 3:34PM EDT
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