Oil prices declined as traders reacted to President Trump's announcement that a US-Iran peace deal had been largely negotiated, though Brent crude remains elevated since the February 28 war start. The article also notes some commercial shipping activity in the Strait of Hormuz and Ferrari's planned electric supercar launch.

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Oil futures slid on Monday as traders assessed US President Donald Trump's announcement over the weekend that a deal with Iran had been "largely negotiated". The benchmark Brent crude still remains much higher than when the war started on February 28. Also in this edition: some commercial vessels are managing to cross the Strait of Hormuz. Plus, Ferrari is set to launch its first fully electric supercar model.

Oil prices ease on renewed hopes of US-Iran peace deal