New Delhi, May 25 -- Global oil prices slumped over 4% on Monday, with Brent crude falling below the $100-per-barrel mark amid hopes of a peace deal between Iran and the US.

Around 7 am, the July contract of Brent on the Intercontinental Exchange was trading at $99.22 per barrel, down 4.17% from its previous close. The July contract of West Texas Intermediate (WTI) fell 4.53% to $92.22 a barrel.

Hopes of a peace deal between Iran and the US, and an eventual easing of energy supply disruptions, calmed markets on Monday.

A prospective peace deal, if it results in the reopening of the Strait of Hormuz, could ease energy supplies from West Asia. However, recovery of damaged energy infrastructure in the region is expected to take time. The ...