Oil prices fell to their lowest levels in two weeks on Monday as hopes grew that the U.S. and Iran were inching closer to a peace agreement, even as major disagreements persisted over key issues, including restrictions on the Strait of Hormuz that continue to disrupt Middle East oil supplies.
On Saturday, U.S. President Donald Trump said Washington and Tehran had “largely negotiated” a memorandum of understanding on a peace deal that would reopen the Strait of Hormuz, a route that handled nearly one-fifth of global oil and liquefied natural gas shipments before the conflict began.
