Oil prices fell by 6% on Monday, reaching two-week lows, as optimism grew regarding a potential peace deal between the United States and Iran. Brent crude futures dropped $5.85 to $97.69 per barrel, while US West Texas Intermediate fell $5.75 to $90.85 per barrel. This decline follows US President Donald Trump's statement that negotiations to reopen the Strait of Hormuz, a critical route for global oil shipments, have made significant progress. However, analysts caution that key issues remain unresolved, and the market may be hesitant to react too strongly to the news. Despite the optimism, it is expected that restoring normal oil flows through the Strait could take months due to necessary repairs. Additionally, US energy firms have increased the number of oil and natural gas rigs for the fifth consecutive week, indicating a response to rising local energy prices. Nevertheless, overall rig counts remain slightly lower than last year, suggesting cautious market sentiment.