Oil Plunges Below $100 as Iran Diplomacy Eases Supply Fears

Oil prices fell below $100 a barrel on Monday, heading for their longest losing streak since June. The drop came as oil continued to flow freely through the Strait of Hormuz and diplomatic efforts eased concerns about the US-Iran conflict. Brent crude, the global benchmark, dropped as much as 4.2%. West Texas Intermediate (WTI), the US benchmark, fell over 5% to trade near $95 a barrel. Satellite data showed Saudi Arabia loaded more oil from its main Persian Gulf port over the weekend than at any time since June. This suggests the kingdom has shifted back to shipping through the Strait of Hormuz. Earlier this month, drone attacks forced Saudi Arabia to shut down a key pipeline that carried oil to the Red Sea. The Strait of Hormuz is a narrow waterway in the Middle East. About one-fifth of the world's oil passes through it, making it the most important oil shipping route on the planet.