Oil falls to two-week low at $98 a barrel
Oil prices hit two-week lows on Monday on optimism that the US and Iran were moving closer towards a peace deal even though they remained at odds over key issues, including blockades on the Strait of Hormuz that continued to restrict oil supply from the Middle East.
Brent crude futures fell $4.71, or 4.55 per cent, to $98.83 a barrel, while US West Texas Intermediate was at $92.03 a barrel, down $4.57, or 4.73 per cent.
Alisha Rahaman Sarkar25 May 2026 04:14
Marco Rubio says ‘significant progress’ has been made but says deal ‘not final’
Speaking about the draft Iran deal, US secretary of state Marco Rubio has said that “some progress has been made – significant progress, although not final progress”.
He hinted that “there will be, maybe, more news coming out a bit later today”. Rubio, who is speaking at a news conference with India’s foreign minister in New Delhi, emphasised that Iran can never have a nuclear weapon.
He said that it was possible that further good news is to come “at least in regards to the Strait”.
Alisha Rahaman Sarkar25 May 2026 04:13
Iran war briefing:
- US secretary of state Marco Rubio has said that “some progress has been made – significant progress, although not final progress” about the draft Iran deal
- President Donald Trump has said he told his representatives not to rush into any deal with Iran, adding that the US blockade on Iranian ships on the Strait of Hormuz would “remain in full force and effect” until an agreement to end the war was reached
- Iranian president Masoud Pezeshkian told state TV they were ready “to assure the world that we are not after a nuclear weapon”
- Oil prices hit two-week lows on optimism that the US and Iran were moving closer towards a peace deal even though they remained at odds over key issues, including blockades on the Strait of Hormuz that continued to restrict oil supply from the Middle East
Alisha Rahaman Sarkar25 May 2026 04:12
