Oil drops over 5% after Trump proposes talks with Iran

Oil prices dropped more than 5 percent after US President Donald Trump sent a delegation to Iran, raising hopes of an end to nearly a month of war, AFP news agency reported. 

Brent crude fell close to 6 percent to $98.30, while US benchmark West Texas Intermediate dropped about 5 percent to $87.72.

The decline came as Iran signalled it would allow “non-hostile” oil vessels through the Strait of Hormuz, easing supply concerns.

Asian stock markets rose in response, even as fighting continued and uncertainty remained over whether a deal could be reached.