Oil Prices Slump To Two-week Lows On US-Iran Deal Hopes

RTTNews | 109 days ago

(RTTNews) - Oil prices slumped to hit two-week lows on Monday amid expectations that a potential U.S.-Iran peace deal could restore smoother energy flows through the key shipping route.

Brent crude futures for August delivery tumbled 4.8 percent to $95.44 a barrel while WTI crude futures for July delivery were down 5.2 percent at $91.56.

Media reports suggest that the U.S. and Iran are closing in on a deal to end the three-month-old war.

It is said that the two sides are working toward a deal to extend their fragile ceasefire by 60 days and reopen the Strait of Hormuz.

U.S. Secretary of State Marco Rubio said a "pretty solid" proposal is on the table to reach an agreement with Iran, while insisting that President Trump is "not going to make a bad deal."

Israeli Prime Minister Benjamin Netanyahu posted on X that any final agreement would require dismantling Iran's nuclear enrichment facilities and removing enriched nuclear material from its territory.

Iran's President Masoud Pezeshkian on Sunday said that Tehran is "ready to reassure the world that we are not seeking nuclear weapons."

Tasnim news agency reported that the United States is still obstructing certain clauses of the potential peace MoU, including the release of Iran's frozen assets.

According to a statement released on Sunday, the Islamic Revolutionary Guard Corps (IRGC) announced that 33 commercial vehicles and oil tankers passed through the Strait of Hormuz over the past 24 hours under the coordination and security supervision of the IRGC Navy.

Despite signs of progress in talks, the two sides remain at odds over key issues, including blockades on the critical waterway, Tehran's nuclear program and the release of a $12 billion frozen assets held in Qatar.

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