Oil prices slid on optimism that the US and Iran were moving closer towards a peace deal, even though they remained at odds over key issues. SINGAPORE: Oil prices hit two-week lows on Monday (May 25) on optimism that the US and Iran were moving closer towards a peace deal even though they remained at odds over key issues, including blockades on the Strait of Hormuz that continued to restrict oil supply from the Middle East. Prices plunged more than 5 per cent in Asian early trading on Monday.