Oil prices drop on US and Iran easing hopes
Oil prices fell on Monday from near six-month highs due to hopes of easing hostilities between the United States and Iran. Mediators traveled to Tehran to de-escalate tensions, although ongoing regional attacks kept investors wary.
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West Texas Oil futures fell $2.23, or 2.16%, to $101.04 per barrel during Monday morning trading. Prices retreated from near six-month highs on diplomatic efforts between United States and Iran officials. The pullback offers temporary relief to energy markets despite ongoing supply risks in the Middle East.
