Signs of US-Iran Peace Talks Send Oil Prices to Two-Week Low

International oil prices hit a two-week low today, primarily due to market optimism regarding progress in peace talks between the United States and Iran, even though both sides have yet to reach a consensus on key issues such as the reopening of the Strait of Hormuz. As of 22:34 GMT on the 24th, Brent crude futures fell $4.71, or 4.55%, to $98.83 per barrel. U.S. West Texas Intermediate (WTI) crude fell $4.57, or 4.73%, to $92.03 per barrel. Both major oil futures contracts touched their lowest levels since May 7 during today's trading session.