Oil Prices Drop Below $100 on Iran Peace Hopes

Oil Prices Drop Below $100 on Iran Peace Hopes
Oil prices fell below $100 per barrel following renewed signals from President Donald Trump about a potential resolution to the Iran conflict. The optimism over diplomatic progress outweighed concerns about ongoing disruptions to global energy supplies. Despite the Strait of Hormuz remaining largely closed and additional US military deployments to the region, markets responded positively to the prospect of de-escalation and eventual normalization of oil flows from one of the world's largest producers.