Brent oil price drops under $100 on US-Iran deal hopes

Oil prices dived on Wednesday, with international benchmark Brent sliding under $100 a barrel, on fresh hopes for an end to the Middle East war.

Brent North Sea crude slumped 9.3 percent to $99.64 a barrel, while the main US oil contract, West Texas Intermediate, plunged 10.7 percent to $91.33.

Washington believes it is close to reaching an agreement with Iran to reopen the Strait of Hormuz and end the war, according to US news outlet Axios.