Oil Falls Below $100 a Barrel on Middle East Peace Hopes

The drop in the price of Brent crude came as shipping giant Maersk warned that high energy costs would persist even if a peace agreement were reached soon.

Aramco oil facility just south of the Saudi capital Riyadh, on Sept. 15, 2019. Fayez Nureldine /AFP via Getty Images

Oil prices dropped again on May 7, slipping more than 4 percent to take the Brent crude benchmark below $100 a barrel on renewed hopes that a peace deal between the United States and Iran is on the horizon.

Brent crude futures fell $4.31, or to $96.96 a barrel, during trading on May 7, during an unsettled session that saw fluctuations of up to 4.6 percent from Wednesday’s close.