Oil benchmarks fell over 5% on Iran deal optimism
Oil prices plunged in early Asian trade on Monday following reports of a potential deal to reopen the Strait of Hormuz.
At the time of writing, Brent had broken back below $100 to trade at $98.27, while WTI fell to $91.63.
The decline came despite tempered optimism after a senior official noted progress in talks, but also cautioned against rushing into a deal.