Oil drops below $100 on Iran peace hopes, but fuel prices rise again

Global oil prices slumped over 4% on Monday, with Brent crude falling below the $100-per-barrel mark amid hopes of a peace deal between Iran and the US.

Around 7 am, the July contract of Brent on the Intercontinental Exchange was trading at $99.22 per barrel, down 4.17% from its previous close. The July contract of West Texas Intermediate (WTI) fell 4.53% to $92.22 a barrel.