Oil prices tumbled over 5% on Monday, falling below the $100 per barrel mark, buoyed by optimism over a potential agreement aimed at ending the US-Iran war. The market reaction came even as US President Donald Trump sought to cool expectations of an imminent breakthrough.

Global crude benchmark Brent fell as much as 5.2% to $98.12 a barrel, while West Texas Intermediate was near $92.

Oil prices fell sharply as traders priced in growing hopes that a U.S.-Iran deal could reopen the Strait of Hormuz and ease the global supply shock.

Oil prices have dropped significantly as markets react to potential peace talks between the United States and Iran. Asian stock markets saw early gains on Monday. President Donald…

Crude falls nearly 6% while Trump says Strait of Hormuz blockade will stay in place until agreement finalised

Brent crude futures down 5.5% to lowest level in two weeks and stock markets rise