Oil price falls amid hope of a breakthrough to end Iran war

Brent crude dropped by more than 6% to $105.55 a barrel, the lowest level in two weeks

The oil price fell to its lowest level in over two weeks on Monday, amid new hopes of a breakthrough to end the Iran war.

Brent crude, the international benchmark, dropped by more than 6.5% to as low as $105.55 a barrel, the lowest since 16 October, sending shares in airline companies higher and pushing down government borrowing costs.

Oil prices fell after Tehran revealed that contacts between Iran and the United States to end their eight-month war are continuing.

“Consultations through mediators are very ⁠intensive.