Brent crude drops below $98 on US-Iran peace hopes

Brent crude continued to decline amid growing hopes that the Strait of Hormuz could soon reopen, easing supply concerns in global oil markets.

The benchmark price has dropped to $97.48 per barrel, down $12, marking a near 11% fall and reaching its lowest level since 22 April, News.Az reports, citing the Guardian.

US West Texas Intermediate (WTI) crude also fell sharply, sliding 11.3% to $90.74 per barrel.

The declines reflect shifting market sentiment as expectations of improving regional conditions reduce fears of supply disruption through the key oil transit route.

Reuters reported, citing a Pakistani source, that the US and Iran are getting closer to an initial peace deal.

News.Az 

By Nijat Babayev