Oil prices extended their decline during early European trading as optimism grew over a potential peace agreement that could end the conflict involving Iran and gradually reopen the Strait of Hormuz. Brent crude fell below $100 per barrel, with the July contract dropping 2.6% to $98.60 per barrel. West Texas Intermediate crude for June delivery declined 2.5% to $92.79 per barrel. The sell-off accelerated after Saudi Arabian news outlet Al Arabiya, citing unnamed sources, reported that intense negotiations aimed at establishing a framework to reopen the strait are still ongoing. Brent crude has fallen more than 10% over the course of the week.
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Oil Prices Plummet on Optimism Over Iran Peace Breakthrough
Deep News05-07
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