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Oil prices decline on peace deal concerns
Crude oil prices for Brent fell to their lowest levels since late March, amid increasing expectations of a peace agreement between the United States and Iran. Futures contracts reached $87.33 a barrel, down by $3.05. Similarly, West Texas Intermediate (WTI) crude registered its lowest level since April 17, at $84.88, marking an over 6% weekly loss. The declines are attributed to news of a potential memorandum of understanding between Washington and Tehran, alongside ongoing tensions around the Strait of Hormuz and its partial closure by Iran, which previously drove up oil prices. Market forecasts suggest that Brent prices could move between $120 and $130 if oil flows do not fully resume. Meanwhile, OPEC has lowered its global oil demand growth forecast for 2026 but raised it for 2027.
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