Oil prices fall below $100 a barrel on hopes of Iran peace deal

Brent crude futures down 5.5% to lowest level in two weeks and stock markets rise

Oil prices have fallen below $100 a barrel and stock markets have risen on hopes that the US and Iran are inching closer to a peace deal.

Brent crude futures, the global oil benchmark, were down 5.5% to just below $98 a barrel, the lowest levels in two weeks, with hopes that an agreement to end the US-Israeli war on Iran can be struck.