Oil Slides to Two-Week Low on Hopes of U.S.–Iran Peace Deal
Oil prices tumbled to a two-week low on Wednesday as optimism grew that the war in the Middle East could soon come to an end. Market sentiment improved after reports indicated that the United States and Iran were nearing an initial agreement to halt the conflict.
Brent crude settled down $8.60, or 7.83%, at $101.27 per barrel, after briefly falling below $100 for the first time since late April. Meanwhile, West Texas Intermediate (WTI) dropped $7.19, or 7.03%, to close at $95.08 per barrel. Both benchmarks reached their lowest levels in two weeks during the session.
A source from mediator Pakistan said Washington and Tehran were close to finalizing a one-page memorandum of understanding. Iran confirmed it is reviewing the latest U.S. proposal and will deliver its response through Pakistan soon. Previously, Tehran stated it would only accept a fair and comprehensive agreement.
U.S. media reports suggested that Washington expects Iran’s response on several key points within the next 48 hours, marking the closest both sides have come to a deal since the conflict began. Market participants increasingly see a higher probability that the Strait of Hormuz could reopen, even if a lasting peace agreement is not immediately secured.
However, losses narrowed slightly after President Donald Trump said it was “too soon” to consider direct talks with Tehran. A senior Iranian lawmaker also described the U.S. proposal as more of a wish list than a concrete agreement, underscoring that negotiations remain fluid and uncertain.
Sumber : Newsmake.id
