# Oil prices hit a two-week low today, plunging by over five-percent, fueled by growing optimism over a potential peace agreement between the US and Iran. Both countries signalled progress over the weekend in efforts to reach a deal, with the terms surrounding the reopening of the Strait of Hormuz and Tehran’s nuclear programme. In Asia, Brent crude was down 5.5-percent, while US-traded crude was 5.9-percent lower. If an agreement is reached, analysts expect it could still take months for oil shipments through the strait to fully normalise.
Oil prices plunge over 5% amid optimism over a potential US-Iranian peace deal