Oil nears two-month lows on reports of imminent US-Iran peace deal

Brent crude fell 3.7% to $87.04/bbl and WTI dropped 3.55% to $84.60/bbl, hitting two-month lows on reports of an imminent US-Iran peace deal that could reopen the Strait of Hormuz. A memorandum halting Gulf conflict could be signed as soon as Sunday in Geneva, though Iran's Fars news agency denied the speculation. OPEC lowered its 2026 world oil demand growth forecast to 970,000 bpd from 1.17 million bpd, its second straight downward revision, while Goldman Sachs cut its 2027 Brent forecast to $80/bbl.