Oil prices slide nearly 6% as easing Middle East tensions reduce fears of supply disruptions and inflation pressures.
Brent crude futures fell 5.9% to $97.44 per barrel in early trading Monday, breaking below $100 for the first time in nearly three weeks. West Texas Intermediate declined similarly to $90.99 per barrel.
The drop follows reports of advancing diplomatic talks between the U.S. and Iran, which have eased concerns over potential energy supply disruptions in the Middle East. Prices had hovered above $100 for most of the past month amid geopolitical tensions.
The decline reflects reduced inflation and supply risk expectations, though market participants continue to monitor developments in the region.