Oil price drops $5 as US and Iran move closer to peace deal
Oil prices fell more than $5 to a two-week low on Monday as optimism grew that the United States and Iran were moving closer to a peace deal, even as they remain at odds on key issues.
Brent crude futures fell 4.9% to $98.45 a barrel, while West Texas Intermediate crude settled at $91.38 a barrel.
On Saturday, 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.
Despite all the caveats and risks that remain for the peace deal and the Strait of Hormuz, there is now light at the end of the tunnel, analysts say, which should bring some relief to oil prices in the short term. However, the two sides remain at odds on several difficult issues, with Trump saying on Sunday that he had told his representatives not to rush into a deal.
Analysts expect a return to normal oil flow through the strait will take months while damaged oil and gas facilities are repaired.
US energy firms responded to higher local energy prices by adding oil and natural gas drilling rigs for the fifth consecutive week, for the first time since February 2025.
The rig count, an early indicator of future production, rose by seven to 558 in the week to May 22, the highest since June 2025. However, the total was still lower by eight rigs, or 1% lower than at this time last year.
According to analysts, momentum indicators suggest that markets are trying to stabilize after last week's aggressive selling, but conviction remains weak.
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