Oil prices hit two-week lows on Monday. (Photo: AP)
Oil prices dropped to their lowest in two weeks on Monday as signs of progress in talks between the United States and Iran raised hopes of a possible peace deal, Reuters reported.
Brent crude fell $4.71, or 4.55%, to $98.83 a barrel, while US West Texas Intermediate dropped $4.57, or 4.73%, to $92.03. Both benchmarks earlier touched their lowest levels since May 7.
The decline came as Washington pointed to progress in efforts to resolve the conflict with Iran, even though differences remain over key issues.
‘Not to rush into any deal’
US President Donald Trump said over the weekend that a peace deal had been “largely negotiated”, including a possible memorandum of understanding that could lead to reopening the Strait of Hormuz.
However, he later said he had instructed negotiators “not to rush into any deal”, adding that talks were still ongoing.
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The strait, a key route for global energy trade, had carried about one-fifth of the world’s oil and liquefied natural gas shipments before the conflict.
Supply concerns remain
Despite the optimism, restrictions linked to the conflict, including blockades affecting the Strait of Hormuz, continue to limit oil supply from the Middle East.
Analysts said any recovery in supply would take time even if an agreement is reached.
“Notwithstanding all the caveats and risks that remain to the peace deal and Strait of Hormuz, there is now some light at the end of the tunnel,” MST Marquee analyst Saul Kavonic said.
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He added that this could bring some near-term relief to oil prices.
However, market watchers expect it may take months for flows through the strait to return to normal levels and for damaged oil and gas facilities to be repaired.
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Oil prices hit two-week lows on Monday. (Photo: AP) 
