Brent slips below $100 as US-Iran deal hopes cool crude oil rally

Crude oil prices fell sharply again, with Brent crude slipping to around $97-$98 a barrel after touching highs of nearly $120 earlier this year amid the West Asia crisis and the Strait of Hormuz closure. Markets are now reacting to signs of a possible US-Iran peace framework that could eventually reopen Iranian oil exports. Despite the global decline in crude, petrol and diesel prices in India have risen four times in the last 10 days. Brokerages expect crude prices to remain elevated through 2026 before easing in 2027.