Oil falls below 100 dollars on Middle East peace hopes
Brent crude fell below 100 dollars on hopes for a U.S. and Iran peace deal. Investors are monitoring reports of a potential reopening of the Strait of Hormuz.
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Brent Crude Oil and West Texas Oil fell to below $100 a barrel by late morning as Middle East peace hopes pulled prices down. Both benchmarks hit two-week lows following a 7% slump during the previous session. A formal deal could trigger a price free fall by removing geopolitical risk premiums from the market.
