Oil prices fell by more than 5% during early trading in Asian markets on Monday amid expectations that the United States and Iran could reach an agreement to bring a lasting end to the conflict in the Middle East.
However, Donald Trump appeared to temper expectations that a deal would be finalised immediately.
At around 02:10 Cyprus time, the price of Brent North Sea crude, the international benchmark, dropped 5.14% to 98.22 dollars per barrel.
At the same time, the price of US benchmark crude West Texas Intermediate fell 5.21% to 91.57 dollars per barrel.
Markets react to diplomatic expectations
The sharp decline in oil prices reflected investor optimism that tensions in the Middle East could ease if Washington and Tehran move closer to a diplomatic agreement.
Energy markets have remained highly sensitive to developments in the region, with traders closely monitoring statements from both governments and the wider geopolitical situation.
Source: CNA
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