Oil Prices Settle 2% Lower as US-Iran Deal Hopes Fade
Brent crude fell to $102.58 on Thursday as hardening Iranian stances dimmed hopes for a peace deal. Prices remain volatile as global oil stockpiles decline.
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Brent Crude Oil fell 2.3% to $102.58 on May 21 as diplomatic uncertainty regarding the Iran conflict triggered price volatility. Prices reversed an earlier 4% surge after reports indicated Tehran is hardening its stance against the United States. Continued instability in the Strait of Hormuz threatens 20% of global consumption, keeping energy markets on edge.
