Oil Drops Below $100 as US-Iran Deal Nears
Oil prices dropped below $100 a barrel. Reports say the US and Iran may be close to a peace deal.
The US and Iran have been at war for about 10 weeks. Brent crude fell to $99.79 per barrel.
That is a drop of about 9%. US WTI crude dropped further to $91.10 per barrel.
The US says it is close to reaching a deal with Iran. Part of the talks involve reopening the Strait of Hormuz.
The Strait is a key global shipping route. Stock markets rose after the news.
Klear Note — Oil prices fall when supply increases or demand drops. A US-Iran peace deal could reopen shipping routes, increasing global oil supply.