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Oil slips to 2-week low as US-Iran seen moving closer to peace deal
- On Monday, global crude oil prices hit two-week lows as optimism grew over a potential United States-Iran peace deal to reopen the blocked Strait of Hormuz.
- The Strait, which previously carried one-fifth of global oil and liquefied natural gas shipments, has remained effectively closed since the conflict between the United States, Israel, and Iran began on February 28, 2026.
- President Donald Trump said on Saturday that Washington and Tehran had "largely negotiated" a memorandum of understanding, while also reporting a "very good call" with Israeli Prime Minister Benjamin Netanyahu.
- Despite progress, Trump cautioned on Sunday against any "rush" to finalize the deal, while Iranian foreign ministry spokesman Esmaeil Baqaei accused the United States of issuing "contradictory statements."
- MST Marquee analyst Saul Kavonic noted "some light at the end of the tunnel," though markets will likely remain tight through 2027 as Japan's Nikkei 225 stock index rose above 65,000.
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Oil slides as U.S. touts progress on deal toward reopening Hormuz
West Texas Intermediate crude briefly fell below $90 a barrel for the first time in almost three weeks amid signs the US and Iran were progressing toward an agreement to reopen the Strait of Hormuz.
·San Jose, United States
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Coverage Details
Total News Sources243
Leaning Left41Leaning Right28Center61Last UpdatedBias Distribution47% Center
Bias Distribution
- 47% of the sources are Center
47% Center
L 31%
C 47%
R 22%
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