Crude prices fell back below $100 a barrel as markets hope an agreement can be reached between the two sides.

The failure of negotiations at the weekend has raised concerns that the global energy crisis will deepen.

U.S. Vice President JD Vance said Monday that the next steps in U.S.-Iran peace efforts now depend on Tehran.

Crude prices fell back below $100 a barrel as markets hope an agreement can be reached between the two sides.

Oil prices fell as optimism grew that Iran may restart negotiations with the U.S. and Israel, easing tensions over the conflict that has disrupted the Strait of Hormuz.

Brent crude opens 0.4 per cent lower at $94.55 a barrel after reports Iran could consider allowing ships to sail freely through the Omani side of Strait of Hormuz