Brent oil falls below $100 per barrel amid US-Iran talks

Oil prices fell sharply on the morning of March 25 after gains in the previous session, as the market reacted to media reports about a proposed US plan to resolve the conflict with Iran.

According to Interfax, May futures for Brent crude on the London ICE Futures exchange dropped $5.09 (4.87%) to $99.40 per barrel at 09:05 Baku time. On March 24, the contract had risen $4.55 (4.55%) to $104.49 per barrel.

WTI May futures on the New York Mercantile Exchange (NYMEX) fell $3.73 (4.04%) to $88.62 per barrel, after climbing $4.22 (4.79%) to $92.35 per barrel in the previous session.

The US plans to hold negotiations with Iran on Thursday, March 26, though Iranian authorities have not yet responded, Axios reported, citing sources. The US reportedly sent Iran a 15-point proposal aimed at ending hostilities, but has not received a reply.