U.S. crude falls below $100 amid reports of U.S.-Iran diplomatic efforts

U.S. crude fell below $100 a barrel Monday amid reports that the U.S. and Iran are pursuing diplomatic channels to ease Middle East tensions. The dip marks a pullback from recent highs driven by geopolitical risk premiums, as markets weighed the prospect of de-escalation in the region. Traders have been on edge over potential supply disruptions in the Persian Gulf, a key transit point for global crude flows. A diplomatic breakthrough could ease those fears and pressure prices lower, while a breakdown in talks could send crude back above the $100 mark. Investors will watch for concrete progress in U.S.-Iran negotiations and any shifts in rhetoric from both governments in the coming sessions.