Oil prices dropped sharply on Monday, falling as much as 6.7% amid expectations that diplomatic efforts could take center stage again in the conflict between the United States and Iran.
West Texas Intermediate crude declined to $97.10 a barrel, while Brent crude touched a low of $105.86, also down 6.7%.
The sell-off accelerated after Iranian President Masoud Pezeshkian was reported by state news agency IRNA as saying that the government was seeking to resolve the situation through dialogue. According to the report, Pezeshkian also said he had received specific powers from Supreme Leader Mojtaba Khamenei to pursue that effort.
Sources: ANSA Economia.