Oil slips to two-week low as U.S. and Iran seen moving closer to deal

Oil prices fell more than 4% to two-week lows as hopes rose that the U.S. and Iran are moving closer to a peace deal. The move reflects lower geopolitical risk premiums, even as disputes remain over issues including potential blockades on the Strait of Hormuz. The decline could weigh on broader energy markets and crude-linked assets.

Analysis

Oil prices fell more than 4% to two-week lows as hopes rose that the U.S. and Iran are moving closer to a peace deal. The move reflects lower geopolitical risk premiums, even as disputes remain over issues including potential blockades on the Strait of Hormuz. The decline could weigh on broader energy markets and crude-linked assets.