Brent crude dropped below US$97 a barrel after both sides said talks had made progress. CALGARY: Oil prices fell nearly 7 per cent on Monday (May 25) as optimism grew that the United States and Iran were moving closer to a peace deal that would reopen the Strait of Hormuz, even though Washington and Tehran played down hopes for an imminent breakthrough. Brent crude futures LCOc1 were down US $7.24, or almost 7 per cent, at US$ 96.30 a barrel at 2:29pm ET (Tuesday, 2:29am, Singapore time) and US