Oil prices slide on hopes of US-Iran peace deal
Trump said on Saturday that an agreement would include the reopening of the Strait of Hormuz, without giving further details.
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US Secretary of State Marco Rubio said negotiators had a "pretty solid thing on the table" and an agreement to end the conflict might be reached on Monday.
On Monday morning, global oil benchmark Brent fell 5.5% to $97.90 a barrel, and remained around $97.70 a barrel in the afternoon.
US President Donald Trump said the negotiations were "proceeding nicely" but added it would either be "a great deal for all or no deal at all".
While Iran says progress has been made, a government spokesman added that a deal was "not imminent".
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