Oil prices drop 1-1.7% amid US-Iran peace talk hopes

In early Asian trade, global benchmark Brent crude fell about 1% to $98.40 per barrel, while US-traded oil decreased by 1.7% to $97.40. These declines came as President Donald Trump announced that Iran has reached out for potential peace talks. Although earlier prices surpassed $100 a barrel due to tensions, the prospect of negotiations eased supply concerns. Asian stock markets reacted positively, with the Nikkei 225 gaining 2.6% and the Kospi rising over 3%. The outlook for oil prices remains uncertain, with expectations of a peak in the coming weeks.