Oil down more than 5% on renewed hopes for US-Iran deal

Oil prices dropped sharply at Monday’s opening of Asian markets as investors breathed cautious sighs of relief following two consecutive nights without US strikes on Iran, leaving the door open for new talks.

The price of a barrel of international benchmark North Sea Brent crude fell 5.58 percent to $91.38, while its US counterpart West Texas Intermediate slid $5.46 percent to $84.43.