WTI slips to $99.78 on Middle East peace hopes

Oil prices fall sharply in Monday trading, with Brent near $109 and US crude under $100, after Washington and Tehran kept a diplomatic path open.

Monday trading cut Brent January futures 3.94% to $108.96 a barrel by 7:30 a.m. ET.

US WTI December futures fell 4.17% to $99.78, moving under $100.

Secretary of State Marco Rubio said President Donald Trump prefers diplomacy over force on Iran.

Iranian officials said a deal is still possible after two days of Qatar-mediated talks if demands are met in practice.

Reports also point to possible renewed strikes after the 3 November US midterm elections, so markets remain cautious.

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