Oil hits its lowest levels in two weeks

Oil prices fell to their lowest levels in two weeks, driven by optimism that the United States and Iran are nearing a peace agreement, despite their continuing disagreement over key issues, noting that "one of the most important points of contention between the two sides is the blockade imposed on the Strait of Hormuz, which continues to restrict oil supplies coming from the Middle East.

Brent crude futures fell by $4.71, or 4.55%, to $98.83 a barrel, while U.S. West Texas Intermediate crude reached $92.03 a barrel, down $4.57, or 4.73%.

Both contracts recorded their lowest levels since May 7.