Brent Falls Below $100 for First Time in Two Weeks on Report of Imminent US-Iran War Deal
JOON HYOUNG LEE
Summary
- Reports that the US and Iran were nearing a war-ending agreement pushed international oil prices lower.
- Reuters reported that Brent crude futures, the global benchmark, fell below $100 for the first time in about two weeks.
- Reports said the US and Iran are at their closest point yet to signing a memorandum of understanding to end the war.
Forecast Trend Report by Period
International oil prices fell after reports said the US and Iran were close to a deal to end the war.
Reuters reported on May 6 that Brent crude futures, the international benchmark, fell below $100 a barrel. It was the first time Brent had dropped below $100 since April 22, roughly two weeks ago.
Prices moved lower after reports that the US and Iran were close to signing a memorandum of understanding to end the war. Axios reported that the US believes it could receive Iran's response on several key issues within the next 48 hours. The report added that the talks mark the closest the two sides have come to an agreement since the war began.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
