Oil prices decline to two-week lows as markets react to reports that the United States and Iran are making progress in talks linked to easing tensions and reopening the Strait of Hormuz. Multiple outlets say optimism grows that the sides could extend a ceasefire and pursue a broader, negotiated arrangement, though both Washington and Tehran publicly play down hopes for an immediate breakthrough and remain divided on key issues related to the strait.
In trading, Brent—an international benchmark—moves lower or is reported falling sharply in some reports, with one account describing a near 7% drop and another placing Brent below about $97 per barrel. Other reports describe declines of around 4% to 5%, reflecting a broad selloff tied to the perceived shifting outlook for regional risk. U.S. benchmark West Texas Intermediate (WTI) also trends down in most accounts, though one report describes a more modest dip.
Overall, the coverage portrays price swings as driven by evolving expectations around U.S.-Iran negotiations, including the prospect of renewed access through the Strait of Hormuz and the uncertainty that persists around outstanding disagreements.
