Brent crude oil fell below $100 as diplomatic efforts eased concerns about escalating tensions in the Middle East.

Odaily Odaily reports that Brent crude oil prices fell below $100 per barrel after the US presented Iran with a 15-point plan aimed at ending the war, and reports indicated that mediators were pushing for a meeting between the US and Iran later this week. Saxo Bank analyst Charu Chanana said, "Wars rarely need to end before the market bottoms out," adding, "Investors tend to act once the likelihood of further escalation begins to decline." Despite this, attacks by both sides continue, and the Strait of Hormuz remains effectively closed, with Iran stating that only "non-hostile" vessels can pass through the waterway. (Jinshi)