Oil Prices Slide 3% as Hopes for Iran Peace Deal Grow

Crude oil prices started the week with a dip on renewed optimism about a possible peace deal between the United States and Iran, following reports about mediation talks between Iran and Qatar over the weekend. 57 per barrel, despite a statement by Iran’s Foreign Minister Abbas Araqchi that said Tehran was prepared for "both defence and diplomacy", as cited by Reuters.

” Besides, Trump has also indicated in recent days that he was ready to resume hostilities. “Lingering hopes of some form of diplomatic progress, combined with the absence of any meaningful military escalation over the weekend, have taken some of the immediate heat out of prices for now,” KCM Trade’s chief market analyst Tim Waterer said, as quoted by Reuters earlier today.