Oil Prices Fall 6% as U.S.-Iran Peace Talks Gain Ground

AI Summary

Oil prices dropped sharply as diplomatic talks between the U.S. and Iran progress, easing concerns about disruptions in Middle East energy supplies. Brent crude fell below $100 per barrel for the first time in nearly three weeks amid these developments.

Oil prices were sharply lower on Monday following comments by President Donald Trump that diplomatic negotiations with Iran are advancing, easing market fears of severe energy supply disruptions due to the Middle East conflict. Brent crude for July delivery fell 5.9% to trade at $97.44 per barrel at 7.45 am ET in Monday’s early morning session, slipping below the $100-per-barrel mark for the first time in nearly three weeks while the corresponding WTI contract fell by a similar margin to trade at $90.99/bbl. Easing inflation and supply concerns…