Oil drops back below $100 a barrel again

The Brent crude oil price is dropping this morning, towards the two-week lows hit yesterday.

Brent is down around 3% at $98.30 a barrel, back below the $100 a dollar mark, following Donald Trump’s claim that it’s “very possible” the US and Iran will agree a peace deal.

Saxo’s Strategy Team say:

double quotation mark Oil fell sharply on Wednesday as markets priced a lower risk of prolonged disruption in the Strait of Hormuz, after the US reportedly sent a one-page proposal through Pakistan aimed at ending the conflict and gradually reopening the waterway.…