With the U.S. and Iran nearing a peace deal, oil prices dropped below $100 per barrel on Monday, suggesting optimism from traders to start the week.

Oil prices turned to a gain Friday after Iran poured cold water on growing market hopes for a near-term agreement with the United States

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.

Analysts urge caution as US and Iran remain divided on key issues