US-Iran Peace Talks Signal Lower Oil Prices

London. With positive signals emerging about a peace deal between America and Iran, the price of crude oil fell to its lowest point in two weeks in the international market on Monday.

Although differences between the two countries still remain on key issues, the positive talks have brought enthusiasm to the market. The hope of a deal has helped reduce prices, especially at a time when oil supply from the Middle East is being affected due to the blockade in the Strait of Hormuz.