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

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.