Oil prices drop below $100 as Iran peace talks raise hopes

Oil prices fell sharply on Monday, with US West Texas Intermediate (WTI) crude dropping below $100 per barrel after Secretary of State Marco Rubio indicated President Donald Trump would prefer a peaceful end to the war with Iran. WTI futures for December delivery fell $6.80, or 6.5%, to $97.32 per barrel by 14:41 GMT, down from Friday's close of $104.12. Brent crude for January delivery dropped $7.13, or 6.3%, to $106.30. The decline erased all of last week's gains, which had pushed both benchmarks to their highest levels since late April. The price drop followed reports of days of talks between Iranian negotiators and Qatari mediators in Doha, with Iran's president stating the country's supreme leader had granted the government authority for peace talks. Energy stocks fell in tandem, with Exxon Mobil down 3% and Chevron down 2.4%, though analysts noted risks remain from ongoing attacks on tankers and Saudi facilities.