Oil prices dip amid optimism over potential US-Iran deal

AI Summary

Oil prices declined early Monday amid optimism about a U.S.-Iran deal to reopen the Strait of Hormuz and alleviate tensions in the Middle East. Both West Texas Intermediate and Brent crude futures fell by over 6% amid improving diplomatic signals.

Oil prices decreased early Monday amid negotiations between the Trump administration and Iran on reopening the Strait of Hormuz and ending the Middle East conflict. West Texas Intermediate crude futures, the benchmark for North American markets, dipped by more than 6.1 percent to $90.68 as of early Monday. Brent crude futures, the global benchmark, dropped…