Commodities
Oil Prices Plummet as US and Iran Inch Closer to Deal
Oil prices fell to two-week lows on Monday as optimism grew that the US and Iran were moving closer to a peace deal, even though they remain at odds over key issues.
Brent crude futures dropped $4.44, or 4.3%, to $99.10 a barrel, while US West Texas Intermediate futures were at $92.24 a barrel, down $4.36, or 4.5%. Both contracts touched their lowest since May 7 earlier in the session.
US President Donald Trump said Washington and Iran had 'largely negotiated' an understanding on a peace deal that would reopen the Strait of Hormuz, which carried a fifth of global shipments of oil and liquefied natural gas before the conflict. However, the two sides remain at odds over several difficult issues.