Brent Crude slips to $98 amid US–Iran peace deal hopes

LONDON (Web Desk) – Oil markets opened lower as speculation of potential US–Iran peace deal weighed on sentiment. Traders priced in the possibility of eased supply disruptions, pushing Brent crude down to around $98 per barrel, alongside broader declines across energy benchmarks.

Brent crude fell about 5.1% to $98.22 per barrel, while West Texas Intermediate (WTI) declined roughly 5.2% to $91.57 per barrel. Broader energy benchmarks also weakened, reflecting increased volatility across the sector.

Global Oil Prices

The downturn followed market reaction to comments circulating from Donald Trump on social media, in which he described negotiations with Tehran as progressing in an “orderly and constructive” manner, while also stressing that any agreement should not be rushed. Earlier remarks had suggested that a framework deal was largely in place, including provisions linked to reopening the Strait of Hormuz.

Market sentiment was largely driven by expectations of a potential easing in supply constraints rather than any immediate change in physical flows.

Crude oil jumps 8% above $100 as peace talks stall

Around 10–11 million barrels per day of crude have effectively been disrupted due to ongoing conditions affecting the Strait of Hormuz. She added that any reopening could lead to a rapid release of previously constrained cargoes currently held up in transit.

Hormuz continues to be key point of tension in global energy flows, with ongoing disruptions since the outbreak of conflict earlier this year impacting a significant portion of global crude movement. Additional restrictions on Iranian port operations have further complicated shipping activity in the region.