Oil prices drop below $100 for the first time in nearly a month - NBC News

Oil prices dropped sharply Wednesday, propelled by growing hopes for a resolution in the Iran war. European Brent crude fell below $100 per barrel for the first time since Oct. 7. The move translated to a nearly $8 drop, or an 8.3% decline. U.S. crude oil, or West Texas Intermediate, also slipped 8.3% to close at about $88.12. It was oil’s biggest daily decline since April. Relief for consumers may follow. Oil’s fall could bring the national average price of gas down below $4 in the “days ahead,” Patrick De Haan, an analyst at GasBuddy, said. Prices moved lower as trading desks and energy experts watched closely for a sign that Tuesday’s midterm election results would pressure President Donald Trump into ending the Iran war without a major escalation. The war sent gasoline and diesel prices skyrocketing, making already stubborn inflation worse for American consumers, farmers and business owners.