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.

The strait – which links the region to world markets – has been subject to a double blockade, with curbs imposed by both Iran and the US.