Brent Oil Prices Plummet as Diplomatic Hopes Rise

Oil prices took a hit on Monday, falling by 2.9% to $100.86 per barrel for benchmark Brent crude and 2.9% to $97.39 per barrel for U.S. West Texas Intermediate futures.

The decline came despite ongoing geopolitical risks and concerns over global oil supply disruptions, according to analysts at ING.

Hopes for diplomatic progress and efforts to restore disrupted Saudi oil flows eased some of the market's supply fears, with Brent oil posting weekly losses on Friday.

Fighting between Houthi militants and Saudi-backed forces intensified over the weekend in southwest Yemen, with both sides vying for control over positions dominating the Bab el-Mandeb Strait.