Oil prices fall on US Iran peace deal optimism
Oil prices took a noticeable dip on Monday: US crude dropped nearly 5% to $91.80 a barrel, while Brent slid to $98.33.
The main reason? Growing optimism that the US and Iran might strike a peace deal, which could reopen the Strait of Hormuz and get global oil shipments flowing more smoothly again.
President Trump says Iran talks progressing
President Trump shared that both countries have made real progress in their talks, hinting at a possible agreement.
But he also admitted, he had instructed US negotiators not to rush into a deal with Iran, pointing to unresolved issues around shipping and security in the strait.
Even if there's a deal, experts say it could take months for oil flows to fully bounce back since repairs and logistics need sorting out first.
The Strait of Hormuz is crucial: it handles about one-fifth of the world's oil and liquefied natural gas shipments—so any changes here matter for everyone's energy bills.