Oil prices dip below $100 per barrel despite Hormuz being closed for three months

AI Summary

Oil prices fell below $100 per barrel amidst market optimism about a potential US-Iran peace deal, despite unresolved key issues such as the closure of the Strait of Hormuz and frozen assets, moderating hopes for a quick resolution to the ongoing conflict.

Oil prices dropped significantly as markets reacted to optimism surrounding a potential US-Iran peace deal, despite President Trump urging negotiators not to rush. Key issues like the Strait of Hormuz and frozen assets remain unresolved, tempering expectations for an imminent breakthrough in the ongoing conflict.