Oil prices fall to two-week lows – as it happened

Oil prices fall to two-week lows

Oil prices hit two-week lows on Monday on optimism that the US and Iran were moving closer towards a peace deal even though they remained at odds over key issues, including blockades on the strait of Hormuz that continue to restrict oil supply from the Middle East.

Brent crude futures fell $4.71, or 4.55%, to $98.83 a barrel by 2234 GMT, while US West Texas Intermediate was at $92.03 a barrel, down $4.57, or 4.73%.

Both contracts touched their lowest points since 7 May earlier in the session, Reuters is reporting.