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The Economic Times
The Economic Times
Business

Oil nears two-month lows on reports of imminent US-Iran peace deal

Oil Iran United States ING Middle East

Oil prices fell more than 3% on Friday to their lowest levels in nearly two months as U.S. and Iranian officials said they were close to an agreement to halt their war in the Middle East.

Brent futures were down $3.34, or 3.7%, at $87.04 a barrel by 1035 CDT (1535 GMT), while U.S. West Texas Intermediate (WTI) crude dropped $3.11, or 3.55%, to $84.60. Both contracts were at their lowest prices since April 17.

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