Oil prices: Crude slips below $100 amid ceasefire hopes; Brent down 6%, WTI at $87

Oil prices tumbled over 5% as a US proposal for a 15-point plan to Iran, aiming for a ceasefire and ending conflict, sparked hopes of easing supply disruptions. While Washington suggests negotiations are underway, Tehran denies direct talks. Despite diplomatic signals, regional military actions persist, keeping supply concerns over the Strait of Hormuz alive.