Oil Prices Slide After Recent Spike Above $100 as US-Iran Deal Prospects Rise

Oil prices have dropped after their recent spike above $100 per barrel, as investors assess the likelihood of a US-Iran peace deal and oil supply disruptions in the Middle East.

The Brent crude benchmark fell 4% to around $99 a barrel on Monday, while West Texas Intermediate (WTI) crude declined by 5%, trading at approximately $95.

Analysts at JPMorgan note that despite concerns about oil supply, flows from the Middle East remain 'surprisingly strong' for now, with an average of 17.1 million barrels per day over the past two weeks.

US-Iran diplomacy is also in focus, with President Donald Trump stating he would be open to meeting with Iran's president, Masoud Pezeshkian, who is attending the UN General Assembly in New York this week.