The price of oil has reached its lowest level in the last two weeks, in the context of optimism regarding a peace agreement between the USA and Iran.

The price of oil fell on Monday, reaching the lowest level in the last two weeks, amid optimism that the US and Iran are nearing a peace agreement.

Brent crude futures fell by $4.71, reaching $98.83 per barrel, while West Texas Intermediate crude dropped by $4.57, settling at $92.03 per barrel. Although Donald Trump stated that negotiations for a memorandum of understanding have progressed, the parties remain at odds over essential issues, including blockages in the Strait of Hormuz, which affect oil supply. Analyst Saul Kavonic mentioned that, although there is hope, normalizing oil flows and repairing damaged infrastructure could take months.