Brent crude oil fell below $100 as diplomatic efforts eased concerns about escalating tensions in the Middle East.

Brent crude oil prices fell below $100 a barrel after the U.S. presented Iran with a 15-point plan aimed at ending the war, and reports indicated that mediators were pushing for a meeting between the U.S. and Iran later this week. "Wars rarely need to end before the market bottoms out," said Charu Chanana, an analyst at Saxo Bank. "Investors tend to act once the likelihood of further escalation begins to decline." Nevertheless, attacks by both sides continue, and the Strait of Hormuz remains effectively closed, with Iran stating that only "non-hostile" vessels can pass through the waterway. (Jinshi)