Brent crude oil fell around 8% to approximately $99.5 per barrel, marking its first drop below the $100 level in two weeks, as optimism grows over a potential deal between the United States and Iran to end the conflict.
The sharp decline follows reports of meaningful progress in negotiations, easing concerns over global oil supply disruptions—particularly with the potential reopening of the critical Strait of Hormuz.
Oil prices had previously surged amid geopolitical tensions and supply disruptions, but markets are now pricing in de-escalation, removing a significant portion of the geopolitical risk premium built up in recent weeks.