Oil prices fall over 5 per cent on hopes for Iran deal

Oil tankers sit at anchor offshore in the Strait of Hormuz off Bandar Abbas, Iran, Saturday, May 2, 2026. (Amirhosein Khorgooi/ISNA via AP)

Oil prices plunged more than five per cent in Asian early trading on Monday as hopes of a U.S.-Iran deal to end the Middle East war rose despite comments from U.S. President Donald Trump downplaying its imminence.

As of around 2300 GMT on Sunday, the price of North Sea Brent crude slipped 5.1 per cent to US$98.22 per barrel, while West Texas Intermediate fell 5.2 per cent to US$91.57 a barrel.

Trump tempered expectations of an agreement to end the war, saying in a Sunday social media post that he had “informed my representatives not to rush into a deal in that time is on our side”.

The conflict erupted after the United States and Israel attacked Iran on February 28, and the Islamic republic responded with missile and drone attacks across the region.

The United States and Iran have observed a ceasefire since April 8 while mediators push for a negotiated settlement, although Tehran has imposed controls on Gulf shipping and Washington has blockaded Iran’s ports.

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