Brent Oil Falls Below $100 as Diplomatic Efforts Ease Concerns Over Escalating Middle East Tensions

Odaily News Brent crude oil prices fell back below $100 per barrel, following a U.S. proposal of a 15-point plan to Iran aimed at ending the war, and reports that mediators are pushing for a meeting between the U.S. and Iran later this week. Saxo Bank analyst Charu Chanana said, "Wars rarely need to end before the market bottoms out," adding, "Once the likelihood of further escalation begins to diminish, investors often take action." Nevertheless, attacks from both sides continue, the Strait of Hormuz remains effectively closed, and Iran has stated that only "non-hostile" vessels may pass through the waterway. (Jin10)