Crude benchmarks deepened their losses on Monday, with West Texas Intermediate (WTI) crude falling by more than 6%, or about $7 per barrel, to reach $97.51. The steep decline in crude prices extended to refined products, dragging the wholesale cost of gasoline and diesel down by nearly 20c per gallon.
The price volatility follows news that a draft proposal to conclude the war between the U.S. and Iran has begun circulating after negotiators left Qatar, Reuters reported. The selloff also hit other benchmarks, including Brent crude, which declined 4.25% to $108.61 during early trading.