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.
More Worthy News
Egyptian archaeologists say new discoveries in northeastern Egypt may help identify a long-lost ancient city that stood along one of the most important military roads of the ancient world — a route many scholars have connected to the biblical account of the Exodus.
Israel’s High Court of Justice has unanimously overturned the government’s decision to close the influential Army Radio after 75 years, ruling that ministers acted at least partly on “improper and invalid” political considerations because they objected to the station’s broadcasts.
Israeli Prime Minister Benjamin Netanyahu told Jared Kushner that Israel remains firmly opposed to the creation of a Palestinian state, making the position “very clear” during a meeting this week with the Trump adviser, according to a senior Israeli official cited by JNS.
Sweden’s King Carl XVI Gustaf expressed his sorrow Friday after authorities confirmed that a teenager armed with a sword attacked students at a Swedish high school, killing one person and injuring three.
Ukraine is appealing for expanded access to Western satellite technology to help locate and destroy Russian missile launchers and other military targets as relentless Russian drone and missile attacks have killed dozens of civilians within two days, exposing growing shortages in Kyiv’s air defenses.
Millions of Ukrainian men are believed to be attempting to avoid mobilization for the frontline, but many are being hunted down and sometimes harshly detained by authorities as part of a massive drive to reinforce the country’s depleted armed forces.
Hungary’s new president, András Baka, has urged the country’s relaunched public broadcaster to regain the trust of millions of Hungarians after years in which he said it spread falsehoods, as political tensions continued over the dismantling of former Prime Minister Viktor Orbán’s system.