Oil prices drop as US-Iran diplomacy gains momentum

Oil prices fell more than 2% Monday as hopes for renewed U.S.-Iran talks and a recovery in Saudi crude exports eased supply concerns that have kept prices elevated in recent weeks.

International benchmark Brent crude futures for November delivery traded at $101.68 a barrel at 10.10 a.m. local time (07:10 GMT), down 2.12% from the previous close of $103.87.

U.S. benchmark West Texas Intermediate (WTI) crude futures for November delivery fell 2.32% to $93.85 a barrel from $96.08.