Brent Oil Prices Plummet Below $98 Amid Iran Diplomacy Hopes

Brent crude oil prices fell below $98 per barrel on Tuesday but recovered slightly after reports of Iran's offer to reopen the Strait of Hormuz eased supply fears.

The decline marked Brent's fifth straight session of losses and a drop of more than 10% over the past five sessions, its longest losing streak since the US-Iran conflict began.

A report by Kyodo News cited a senior Iranian government official as saying Tehran had offered to reopen the Strait within seven days if the United States takes initial steps towards easing military pressure.

This proposal was reportedly conveyed to Washington through mediators on September 16, followed by a separate Reuters report citing a senior Iranian official who said Tehran welcomes a revival of diplomacy if Washington takes tangible steps.