Oil Prices Waver as Market Weighs Chances of U.S.-Iran Deal

Front-month Brent Crude futures dropped to below $100 per barrel again in morning trade in Europe on Thursday, reversing earlier gains, as the market hopes the U. S. and Iran could be able to reach an agreement that would eventually reopen the Strait of Hormuz.

Following a steep selloff on Wednesday, which crashed the prices by 7%, Asian trade on Thursday began with nearly 1% gains for both benchmarks, amid investor concern that the U. S. -Iran deal is not as imminent as signals on Wednesday suggested.