Oil prices tumbled in early Asian trade on Monday. Brent crude broke below $100 a barrel as hopes for a US-Iran peace deal grew.
Brent futures for July slid over 5% to $98.12 a barrel, their lowest in nearly three weeks. WTI crude futures fell 5.2% to $91.31 a barrel.
President Trump claimed a peace deal with Iran was "largely negotiated," aimed at reopening the Strait of Hormuz. However, Iranian state media denied the claim.
Trump later said there was no rush to strike a deal and that a naval blockade would remain. Key issues like Iran's nuclear activities remain unresolved.
Flows through the Strait of Hormuz stayed at a fraction of pre-war levels, keeping markets constrained and providing a floor for prices.
