Oil prices drop below $100 a barrel as traders cite renewed expectations for a Middle East peace deal. The Independent reports that benchmark Brent crude falls by about 11%, slipping to below $98 per barrel. Belfast Telegraph similarly links the move to renewed hopes over a peace agreement. Free Malaysia Today adds that Brent crude plunges to under $100 before partially recovering, with prices later trimming losses and ending at $101.27 a barrel.
Across the reports, the major driver is the change in market sentiment tied to potential progress on peace efforts, which prompts selling in crude contracts at the open and then some stabilization later. One outlet focuses on the sharp intraday decline, while another highlights the later retracement and closing level. Despite the day’s volatility, all accounts describe the same direction of travel: Brent crude falls below $100 briefly or by the end of trading, followed by partial recovery for some contracts.
