News24 | Oil slides 3% to three-month low as markets weigh US-Iran peace deal (opens original article in a new tab)

Oil prices fell nearly 3% to three-month lows as markets weighed prospects of a US-Iran peace deal and potential resumption of supplies through the Strait of Hormuz, with analysts noting ongoing volatility risks.

• Oil prices fell nearly 3% to three-month lows as markets anticipated potential resumption of supplies through the Strait of Hormuz
• Brent crude and WTI futures dropped for a fourth consecutive session amid weak physical demand and uncertainty over a US-Iran peace deal
• Analysts note that while a deal could reopen the Strait of Hormuz, factors like depleted inventories and geopolitical risks may complicate a return to pre-war oil prices