Oil prices have fallen significantly following claims by U.S. President Donald Trump that peace negotiations with Iran are progressing, alongside Iran's announcement that "non-hostile" vessels can use the Strait of Hormuz.

• Brent crude fell by 5% to $99.29 a barrel, while U.S.-traded oil dropped by over 5.5% to $88.41.
• Key figures involved include U.S. President Donald Trump and Iranian officials.
• Despite Trump's assertions, Iranian officials have dismissed the claims of talks as "fake news," while Israel and Iran continue to exchange missile strikes.