Oil prices continue to fall on hopes of new US-Iran peace talks

Crude prices fell back below $100 a barrel as markets hope an agreement can be reached between the two sides.

U.S. stock markets extended their rally as oil prices declined, fueled by optimism over potential renewed talks between the U.S. and Iran to end their conflict.

The failure of U.S.-Iran peace talks has raised concerns about a prolonged energy crisis, with oil prices and borrowing costs expected to rise as tankers remain stranded in the Gulf.

U.S. stocks are set to open lower after peace talks between the U.S. and Iran failed to deliver a breakthrough, leading to a blockade of the Strait of Hormuz and rising oil prices.

Oil prices dipped as hopes for more Middle East ceasefire talks buoyed sentiment, despite a U.S. navy blockade of the Strait of Hormuz entering a second day.