Crude is diving to session lows as Iran peace talk hopes get priced in ahead of the midterms. The geopolitical risk premium is coming out of the barrel: a consumer tailwind, an energy earnings headwin

What happened: U.S. crude oil fell below $100 on Monday amid reports that the U.S. and Iran are pursuing diplomacy during ongoing Middle East tensions. Key numbers: U.S. crude fell below $100. Why it matters: The price drop came as news of diplomatic efforts between the two countries emerged, against a backdrop of continuing Middle East tensions.

U.S. crude oil fell below $100 on Monday amid reports that the U.S. and Iran are pursuing diplomacy during ongoing Middle East tensions.

The price drop came as news of diplomatic efforts between the two countries emerged, against a backdrop of continuing Middle East tensions.