Oil dips as US-Iran peace talks spark Hormuz reopening hopes

Oil benchmarks Brent and WTI fell about 5% on optimism that a US-Iran peace deal could reopen the Strait of Hormuz, easing supply fears; Brent around $98.36 and WTI around $91.50 as Asian stocks rose, though analysts warn the market may stay tight through 2027 due to ongoing disruptions and the time needed to normalize flows and rebuild stocks.