Oil Prices Slump To Two-week Lows On US-Iran Deal Hopes

Oil prices slumped to hit two-week lows on Monday amid expectations that a potential U.S.-Iran peace deal could restore smoother energy flows through the key shipping route.Brent crude futures for August delivery tumbled 4.8 percent to $95.44 a barrel while WTI crude futures for July delivery were down 5.2 percent at $91.56.Media reports suggest that the U.S. and Iran are closing in on a deal to e…