Crude oil prices declined on Monday amid indications that a deal to end the ongoing war between the United States and Iran could be near.
Brent crude oil futures prices ended May 22 at $100.21 per barrel. On Monday, oil was trading at $95.44 as of 9:45 p.m. EDT, a decline of more than 4.7 percent. Prices had hit a peak of around $126 per barrel on April 30.
President Donald Trump announced in a May 23 Truth Social post that the United States and Iran have nearly reached a “Memorandum of Understanding pertaining to PEACE” and that he has concluded talks with leaders of Bahrain, Egypt, Turkey, Pakistan, Jordan, Qatar, the United Arab Emirates, and Saudi Arabia. A phone call with Israeli Prime Minister Benjamin Netanyahu on Saturday also “went very well.”…