Optimistic prospects for a US-Iran peace agreement continue to drive oil and gas prices down.

Market expectations that the US and Iran are close to reaching a peace agreement to end the war that has disrupted energy markets have led to a continued decline in oil and gas prices.

According to Bloomberg, West Texas Intermediate (WTI) crude oil futures prices fell as much as 5.1% to a near two-month low, while European natural gas futures prices fell as much as 8.4%.

Iran's semi-official Mehr News Agency reported that Iran is discussing a draft agreement with the United States containing 14 articles, including the lifting of oil sanctions. The report stated that the agreement still needs to be approved by Iranian authorities.

US President Trump said earlier that a peace agreement with Iran could be signed as early as this weekend and canceled the previously announced airstrikes against Iran.

Shipping risks remain in the Strait of Hormuz. According to Fox News, the U.S. military shot down two Iranian one-way attack drones last night, which appeared to be intended to attack merchant ships passing through the Strait of Hormuz.

The number of ships leaving the Strait of Hormuz has increased in recent weeks; however, Iran says the Strait of Hormuz is now completely closed to all types of vessels, including merchant ships, in light of recent hostile actions by the United States.

Trump has repeatedly insisted that a deal with Iran is close, but no agreement has been reached to date.　

Source: [Lianhe Zaobao] (https://www.zaobao.com/news/world/story20260612-9198964)