US-Iran deal hopes push oil prices below $100 a barrel

Crude falls nearly 6% while Trump says Strait of Hormuz blockade will stay in place until agreement finalised

Oil prices slipped below $100 a barrel on Monday on hopes of a deal between the US and Iran, after President Donald Trump said the Strait of Hormuz blockade would stay in place until an agreement is sealed.

Brent, the benchmark for two thirds of the world’s oil, fell 5.55 per cent to settle at $97.79 a barrel, moving below $100 a barrel for the first time in several weeks.

West Texas Intermediate, the gauge that tracks US crude, dropped 5.92 per cent to $90.80 a barrel. In the past week, Brent dropped 5.2 per cent, while WTI slid 8.3 per cent.