Brent falls 5.5% to $97.90 as US‑Iran talks progress
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- Brent fell 5.5% to $97.90 a barrel on Monday, reflecting market optimism about a potential US‑Iran peace agreement.
- Marco Rubio said negotiators had a "pretty solid thing on the table" and that an agreement might be reached on Monday.
- Donald Trump said negotiations were "proceeding nicely" and that any deal would either be "a great deal for all or no deal at all," while also promising the reopening of the Strait of Hormuz.
- Esmail Baqai (Iranian foreign ministry spokesman) acknowledged progress on many issues but warned that a signed agreement was not imminent.
- Strait of Hormuz has been effectively closed since Feb 28, cutting a fifth of global oil and LNG flow, and its potential reopening is a key factor in the price decline.
Why it matters: Oil producers lose as Brent slides 5.5% to $97.90, while consumers and logistics firms stand to gain from a potential Hormuz reopening that eases supply constraints after a 900‑million‑barrel inventory draw.
