by Stefan J. Bos, Worthy News Chief International Correspondent
WASHINGTON/TEHRAN (Worthy News) – Oil prices fell to their lowest levels in two weeks Monday amid growing optimism that the United States and Iran were moving closer toward a potential peace agreement despite ongoing disputes over key issues, including restrictions affecting the strategic Strait of Hormuz.
Brent crude futures dropped $4.71, or 4.55 percent, to $98.83 a barrel, while U.S. West Texas Intermediate crude fell $4.57, or 4.73 percent, to $92.03 a barrel.
Both benchmark contracts hit their lowest levels since May 7 earlier in the trading session, market observers said.
There were also signs of market optimism in Asia, with Japan’s Nikkei stock index rising more than 3 percent Monday amid hopes surrounding a possible agreement and expectations that maritime trade routes could normalize.
Investors appeared encouraged by signs of progress in negotiations between Washington and Tehran aimed at easing tensions following months of conflict and disruptions affecting energy supplies from the Middle East.
TRUMP IRAN DEAL TALKS
President Donald Trump, 80, said over the weekend that a peace agreement with Iran had been “largely negotiated,” though he stressed that final details were still under discussion.
Trump later cautioned negotiators “not to rush” into an agreement, saying both sides “must take their time to get it right.”
The U.S. president also faced criticism from some fellow Republicans who questioned the emerging agreement and compared it to the 2015 nuclear accord negotiated under former President Barack Obama.
Trump rejected those comparisons, insisting any new agreement would be “the exact opposite” of the Obama-era deal from which he withdrew in 2018.
He also emphasized that U.S. restrictions on Iran’s ports and trade routes would remain in force until a final agreement was officially signed and certified.
STRAIT OF HORMUZ CONCERNS
Reports suggested a draft agreement could involve reopening the Strait of Hormuz during a 60-day extension of the truce, though no official details were immediately released.
The strategic waterway has remained under pressure during the conflict, heighteningfears of disruptions to global oil supplies and sharp energy price swings.
Yet it may not be easy to strike a deal quickly, as Iran’s Supreme Leader Mojtaba Khamenei, 56, was reportedly operating from an undisclosed location with limited outside communication following the conflict.
U.S. officials cited by broadcaster CBS News said Mojtaba Khamenei, who succeeded his father, longtime Iranian Supreme Leader Ali Khamenei, 86, after he was killed in U.S.-Israeli strikes earlier this year, was injured during the war and now depended on a network of couriers for communication.
Reports said he was taking extraordinary security precautions to avoid suffering a fate similar to that of his father.
The communication difficulties have complicated negotiations and slowed responses to American proposals, according to U.S. officials familiar with the talks.
Despite signs of progress, officials in both Washington and Tehran acknowledged that major issues remained unresolved before any formal agreement could be reached.
Copyright 1999-2026 Worthy News. This article was originally published on Worthy News and was reproduced with permission.
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