Oil prices slip 6% on US-Iran peace deal optimism
Key takeaways
- Brent crude fell $5.85 or 5.7% to $97.69 a barrel and WTI dropped 6% to $90.85, hitting two-week lows, as optimism grew that the US and Iran are moving closer to a peace deal despite remaining disputes over the Strait of Hormuz.
AI insight — what it means
News that the US and Iran might reach a peace deal has pushed oil prices lower. This drop could eventually lead to cheaper gas at the pump for drivers.
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