![\"Oil](\"https:\/\/static.toiimg.com\/thumb\/msid-131299588,imgsize-1683873,width-400,height-225,resizemode-4\/ai-generated-image-used-only-for-representational-purpose.jpg\")
<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div><\/div>\n<\/div>\nOil prices tumbled over 5% on Monday, falling below the $100 per barrel mark, buoyed by optimism over a potential agreement aimed at ending the US-Iran war. The market reaction came even as US President Donald Trump sought to cool expectations of an imminent breakthrough.At around 7:40 am, WTI Crude was trading at $92.41, down $4.19 or 4.34%, while Brent Crude stood at $99.49, slipping $4.05 or 3.91%. Meanwhile, disruptions around the Strait of Hormuz are nearing the three-month mark, keeping global energy markets on edge.Despite the upbeat market sentiment, Trump downplayed the likelihood of a near-term deal. In a social media post on Sunday, he said that he had \u201cinformed my representatives not to rush into a deal in that time is on our side\u201d. He further added, \u201cThe Blockade will remain in full force and effect until an agreement is reached, certified and signed.\u201dEarlier remarks from Trump had suggested progress in talks, noting that the deal \u201chas been largely negotiated, subject to finalization between the United States of America, the Islamic Republic of Iran and the various other Countries.\u201dA key unresolved issue between the two sides continues to be the Strait of Hormuz, a critical global shipping route that previously handled around one-fifth of the world\u2019s oil and liquefied natural gas flows before the conflict disrupted supply lines.Iran\u2019s Tasnim news agency reported that several key clauses of a possible agreement were still \u201cunresolved at this time,\u201d including the issue of frozen Iranian assets.Meanwhile, US Secretary of State Marco Rubio also told The New York Times that although regional backing for a deal was growing, a nuclear agreement could not be completed \u201cin 72 hours on the back of a napkin\u201d. He added that \u201cseven or eight countries in the region\u201d were supporting the approach and that Washington was ready to proceed.Rubio had earlier suggested that a deal could be finalised as early as Sunday, but expectations were again tempered by Trump, who said on social media, \u201cIf I make a deal with Iran, it will be a good and proper one\u201d and added, \u201cIt isn’t even fully negotiated yet.\u201dSince the conflict began, oil prices have remained firmly above the $100 per barrel mark, compared to around $70 before the escalation. The sustained spike reflects persistent uncertainty in global energy markets amid ongoing geopolitical tensions.The crisis in the Middle East was triggered on February 28, when the US and Israel carried out joint strikes on Iran. In response, Tehran tightened controls over the strategic Strait of Hormuz, disrupting global energy flows and squeezing supplies worldwide. A ceasefire between the United States and Iran has been in place since April 8, with diplomatic efforts continuing towards a negotiated settlement. However, tensions remain elevated, as Iran maintains restrictions on Gulf shipping routes while Washington continues its blockade on Iranian ports.<\/div>\n