Oil prices dropped more than 7% Monday as diplomatic activity between Iran and the United States raised hopes of ending the conflict and stabilizing crude supplies. Brent futures fell $8.47, or 7.47%, to $104.96 a barrel by 12:24 p.m. EST; U.S. West Texas Intermediate fell 7.2% to $96.62. Iran’s president said the supreme leader had empowered his government to pursue talks. A draft proposal is circulating after Iranian officials met Qatari mediators, with another meeting possible as markets await talks.
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